SECTION 12 PERTAINING TO TIME OF SUPPLY OF GOODS UNDER REVISED GST LAW
By: – Pradeep Jain
Goods and Services Tax – GST
Dated:- 25-12-2016
DAILY DOSE OF GST UPDATE BY CA PRADEEP JAIN
SECTION 12 PERTAINING TO TIME OF SUPPLY OF GOODS UNDER REVISED GST LAW:-
The provisions relating to determination of time for supply of goods has been significantly amended and is discussed in detail as follows:-
* The time of supply of goods shall be earliest of the following:-
* The date of issue of invoice by the supplier or the last date on which he is required under section 28, to issue invoice with respect to the supply; or
* The date on which the supplier receives the payment with respect to the supply.
Provided that where the su
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
te on which recipient shows receipt of goods in his books of accounts. It was represented that the date on which recipient shows receipt of goods in his books of accounts is a parameter that is practically impossible to comply with and we are delighted that the said provision has been deleted. But the tax payment on advance receipt of payment in case of goods has been prescribed which is not applicable in current Excise regime. The Central Excise duty is to be paid on removal of goods only and invoice is to be issued at the time of removal.
The old draft of GST Law also provided specific provision for continuous supply of goods but there is no such provision in the revised GST Law. This means that the general provision given under section
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
provisions contained in section 12(2) as discussed in point no. 1 will apply. Earlier, the time of supply in case of sale on approval basis was date of approval or six months from date of removal, whichever is earlier. However, as per revised law, it is date of issue of invoice/last date for issue of invoice or date of receipt of payment, whichever is earlier. The new provision seeks to take away the prolonged period of 6 months for making payment of tax.
A new provision specifying time of supply in case of vouchers has been introduced. The time of supply of voucher shall be the date of issue of voucher, if supply is identifiable at that time or date of redemption of voucher, in all other cases. This provision has been incorporated keepin
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =