Change in rate of tax in respect of supply of goods or services
Section 14
Bill
TIME AND VALUE OF SUPPLY
MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016]
14. Change in rate of tax in respect of supply of goods or services
Notwithstanding anything contained in section 12 or section 13, the time of supply, in cases where there is a change in the rate of tax in respect of goods or services, shall be determined in the following manner, namely:-
(a) in case the goods or services have been supplied before the change in rate of tax –
(i) where the invoice for the same has been issued and the payment is also received after the change in rate of tax, the time of supply shall be the
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of receipt of payment; or
(ii) where the invoice has been issued and the payment is received before the change in rate of tax, the time of supply shall be the date of receipt of payment or date of issue of invoice, whichever is earlier; or
(iii) where the invoice has been issued after the change in rate of tax but the payment is received before the change in rate of tax, the time of supply shall be the date of issue of invoice:
PROVIDED that the date of receipt of payment shall be the date of credit in the bank account when such credit in the bank account is after four working days from the date of change in the rate of tax.
Explanation.- For the purpose of this section, “the date of receipt of payment” shall be the date on which t
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