Section 12 – Acts – TIME AND VALUE OF SUPPLY – CENTRAL GOODS AND SERVICES TAX ACT, 2017 – Section 12 – CHAPTER IV TIME AND VALUE OF SUPPLY Time of supply of goods. 12. (1) The liability to pay tax on goods shall arise at the time of supply, as determined in accordance with the provisions of this section. (2) The time of supply of goods shall be the earlier of the following dates, namely:- (a) the date of issue of invoice by the supplier or the last date on which he is required, under 1[****] section 31, to issue the invoice with respect to the supply; or (b) 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
= = = = = = = =
> (3) In case of supplies in respect of which tax is paid or liable to be paid on reverse charge basis, the time of supply shall be the earliest of the following dates, namely:- (a) the date of the receipt of goods; or (b) the date of payment as entered in the books of account of the recipient or the date on which the payment is debited in his bank account, whichever is earlier; or (c) the date immediately following thirty days from the date of issue of invoice or any other document, by whatever name called, in lieu thereof by the supplier: Provided that where it is not possible to determine the time of supply under clause (a) or clause (b) or clause (c), the time of supply shall be the date
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
