Goods and Services Tax – GST – By: – Sanjeev Singhal – Dated:- 29-5-2017 – This chapter will focus on time of supply of goods and services which includes goods and services. Time of supply is very significant part of any business vis a vis taxation .Time is important for point of taxation that when the liability to pay tax will arise on goods and services . Let us address the issue one by one. Time of Supply of Goods [ Sec.12 ] 1. The liability to pay tax shall arise only at the time of supply of goods. Earliest of the following shall be the time of supply Date of issue of invoice or the last date of issue of invoice u/s 31[1] At the time of receipt of payment. If the payment received by the supplier is up to ₹ 1000 in excess of amount written in invoice, time of supply for such excess shall be at the option of supplier, may be the date of issue of invoice. 2. Time of supply in case of reverse charges shall be earliest of the following; Date of received of goods Date on which pa
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redit in bank a/c Time of supply Invoice raised before removal 10-11-2017 20-11-2017 28.11.2017 30.11.2017 10.11.2017 Advances received 15.11.2017 20.11.2017 10.11.2017 13.11.2017 10.11.2017 In case of movement of goods Invoice date Removal of goods Delivery of goods Receipt of Payment Time of supply Delayed issue of invoice 26.11.2017 20.11.2017 26.11.2017 26.11.2017 20.11.2017 Advance received 30.11.2017 10.12.2017 14.12.2017 20.11.2017 20.11.2017 Supply otherwise than movement of goods Invoice date Receipt of invoice by recipient Delivery of goods Receipt of payment Time of supply Delay issue of invoice 30.11.2017 05.12.2017 26.11.2017 10.12.2017 26.11.2017 Invoice issued before prior to delivery 20.11.2017 30.11.2017 26.11.2017 10.12.2017 20.11.2017 Reverse charge Invoice date Removal of goods Receipt of goods Payment by recipient Time of supply General 30.11.2017 30.11.2017 10.12.2017 30.12.2017 10.12.2017 Advance payment 30.11.2017 30.11.2017 20.12.2017 5.12.2017 5.12.2017 No pay
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entered in the books of recipient or the date when payment is debited in his bank account which ever is earlier 60 days from the date issue of invoice or any other document by supplier Where above provision shall not apply, the time of supply shall be the date of entry in the books of account of recipient. 3. In case of supply of vouchers Date of supply of voucher, if it can be identify Date of redemption of voucher in all other cases 4. In case it is not possible to establish the time of supply as discussed above in [2&3] then In case of periodical return to be filed ,date on which periodical return has to be filed In all other cases , date on which SGST / CGST is to be paid Example General Invoice date Invoice due date Payment in supplier books Credit in bank a/c Time of supply Invoice raised before completion of services 10-11-2017 20-11-2017 28.11.2017 30.11.2017 10.11.2017 Advances received 30.11.2017 20.11.2017 10.11.2017 30.11.2017 10.11.2017 Based on due date of invoice Inv
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ice is raised before the change of rate of tax and payment is received after the change of rate of tax, date of invoice shall be time of supply. Where payment is received before change of rate of tax and invoice is issued after the change of rate of tax, time of supply shall be date of receipt of payment 2. In the case of goods or services have been supplied after the change of effective rate of tax Where the payment is received after the change of rate of tax and invoice is raised before change of rate of tax, time of supply of services shall be date of date of receipt of payment. Where the invoice is raised after the change of rate of tax and payment is received before the change of rate of tax , time of supply shall be date of date of invoice. Where the invoice is raised and payment is received before the change of rate of tax , time of supply shall be earlier of the invoice or receipt of payment date. – Disclaimer : The contents of this article are solely for information and knowle
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