Goods and Services Tax – GST – By: – JUGAL DOSHI – Dated:- 30-5-2017 – Background – Point of taxation means the point in time when goods have been deemed to be supplied or services have been deemed to be provided. The point of taxation enables us to determine the rate of tax, value, and due dates for payment of taxes.Under GST the point of taxation, i.e., the liability to pay CGST / SGST, will arise at the time of supply as determined for goods and services. Sr. No. Particulars Goods Services 1 Normal mechanism if invoice issued in time(See Note 1) Earlier of two: Date of invoice or Date of receipt of payment Earlier of two: Date of invoice or Date of receipt of payment Normal mechanism if invoice not issued in time Earlier of two: Last date for issue of invoiceor Date of receipt of payment Earlier of two: Date of provision of service or Date of payment Others Date as per books 2 Reverse charge mechanism Earlier of following:- Date of receipt of goods or Date of payment or Date immedi
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or late fees) Date of supply to the extent of addition should be date on which supplier receives such addition. Date of supply to the extent of addition should be date on which supplier receives such addition Notes In case the supplier receives amount up to INR 1000 in excess of invoice amount, then he can opt the date of Invoice in respect of such excess Supply shall bedeemed to have been made to the extent it is covered by the invoice or, as the case may be, the payment. Date of receipt of payment will be earlier of two:- Date on which entry entered in books of accounts or Date on which payment credited to bank account voucher means an instrument where there is an obligation to accept it as consideration or part consideration for a supply of goods or services or both and where the goods or services or both to be supplied or the identities of their potential suppliers are either indicated on the instrument itself or in related documentation, including the terms and conditions of use
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ices Banking company or Financial/Non-financial institutions Before or within 45 days from date of supply of service Other cases Before or within 30 days from date of supply of service Supply between distinct persons in case of insurance or banking company or financial institution including NBFC or telecom operator or class of supplier as notified by government When such supplier records the same in his books of account or before the expiry of the quarter during which the supply was made. 4 In case of continuous supply of services Due date of payment is ascertainable On or before the due date of payment Due date of payment is not ascertainable On or before such time when the supplier of service receives the payment Payment is linked to the completion of an event Onor before completion of that event 5 Other In a case where the supply of services ceases under a contract before the completion of the supply At the time when the supply ceases Where the goods being sent or taken on approval
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