Video Presentation on Supply, Time of Supply & Place of Supply of Goods and\/or Services under GST
By: – Bimal jain
Goods and Services Tax – GST
Dated:- 26-10-2016<\/p>\n
Dear Professional Colleague,
\nVideo Presentation on Supply, Time of Supply & Place of Supply of Goods and\/or Services under GST
\nGoods and Services Tax (“GST”) is a destination based consumption tax levied at multiple stages of production and distribution of goods and services, with taxes on inputs credited against taxes on output. GST is going to be big game changer and under proposed GST regime, all the major taxes levied under the indirect taxation i.e. Central Excise, Service tax, VAT\/CST etc., would be brought under the ambit of GST. Hence, the prevailing concepts of manufacturing of goods\/ provision of services\/ sale of goods would no longer be relevant as tax would be levied on 'supply' of goods and\/or services and common base has to be arrived at for levy & collection of GST in all cases.
\nClosely link<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n pter-IV of Model CGST\/SGST Act, 2016 (“Model CGST\/SGST Act”), applicable to levy of IGST vide Section 27 of Chapter-IX of the ModeI IGST Act, 2016 (“ModeI IGST Act”). = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n he supplier = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ce of supply of services are different for B2B and B2C Supplies for certain specified services = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n elecommunication services including data transfer, broadcasting, cable and DTH services, Banking and other financial services, Insurance services, Advertisement services to the Central Government, a State Government, a statutory body or a local authority. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Video Presentation on Supply, Time of Supply & Place of Supply of Goods and\/or Services under GSTBy: – Bimal jainGoods and Services Tax – GSTDated:- 26-10-2016 Dear Professional Colleague, Video Presentation on Supply, Time of Supply & Place of Supply of Goods and\/or Services under GST Goods and Services Tax (“GST”) is a destination based … Continue reading “Video Presentation on Supply, Time of Supply & Place of Supply of Goods and\/or Services under GST”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1696","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/1696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1696"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/1696\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nI: Time of supply of goods
\n * For normal supply: CGST\/SGST and IGST on the goods shall be payable at the earliest of the following dates on which:
\n * Goods are removed for supply to the recipient (for goods required to be removed);
\n\tGoods are made available to the recipient (for goods not required to be removed);
\n\tInvoice is issued by supplier;
\n\tPayment is received by supplier;
\n\tRecipient shows receipt of goods in his books of account.
\n\tFor continuous supply of goods:
\nSituation
\nTime of supply
\nSuccessive statements of accounts or successive payments are involved
\nDate of expiry of the period to which such successive statements of accounts or successive payments relate
\nNo successive statements of account
\nDate of issue of invoice (or any other document)
\n or
\nDate of receipt of payment
\nWhichever is earlier
\n\tFo<\/p>\n
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\nWhere due date of payment is not ascertainable from the contract
\n Each such time when the supplier of service-
\n Receives the payment
\n or
\n Issues an invoice
\nWhichever is earlier
\nWhere the payment is linked to the completion of an event
\nTime of completion of that event
\n\tSupply of services under reverse charge: Time of supply shall be determined in same manner as in case of goods discussed supra.
\nUnderstanding Place of supply of goods and\/ or services
\nAt first place, the importance of determination of place of supply, lies in identification of nature of supply as 'Inter-State' or 'Intra-State', based on which CGST & SGST\/ IGST would be applicable. Similarly, principles of place of supply hold importance for determining imports and exports of goods and\/or services, for which one of the condition is that place of supply should be in India (for imports) and out of India (for exports).
\nPrinciples for determining place of supply of goods:
\nSection 5 of the Model IGST <\/p>\n
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\nThe principles of place of supply for services are tabulated hereinbelow for ease understanding:
\n S. No.
\nServices
\nPlace of supply of services
\n1
\nGeneral Rule
\nB2B supplies: location of recipient
\nB2C supplies: location of recipient where address on record exists,
\nIf not, then the location of supplier of services
\nSpecific Rules for identified situations & different treatment for certain B2B and B2C of specified services
\n1.
\nImmovable property related services
\nLocation of immovable property
\nWhere property \/ vessel located in more than one state- proportionate allocation amongst states as per the contract or on reasonable basis
\n2
\nPerformance based services
\nPlace of actual performance > Specific services covered such as supply of restaurant and catering services, health service etc.- place of performance
\nServices in relation to training and performance appraisal-
\nB2B supply: locati<\/p>\n
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\nApparently, there are numerous parameters given under the Model GST Law, for determining 'time of supply' and 'place of supply' for goods &services, which may be a major challenge initially for successful transition.
\nWatch the video to understand the intricacies of taxable event i.e. Supply under GST along with principles of time of supply and place of supply of goods and\/or services.
\nWith the intention of throwing light on key areas under the principles of time of supply and place of supply of goods and\/or services under GST, and the related areas to be worked upon under the Draft Model GST Laws – CGST, SGST and IGST, this video presentation made by Mr. Bimal Jain on “Supply, Time of Supply(POT) and Place of Supply for Goods and S<\/p>\n
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