Time of supply under CGST Act, 2017
By: – Sanjeev Singhal
Goods and Services Tax – GST
Dated:- 29-5-2017<\/p>\n
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.
\nTime of Supply of Goods [ Sec.12 ]
\n1. 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
\n * Date of issue of invoice or the last date of issue of invoice u\/s 31[1]
\n * At the time of receipt of payment.
\n 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.
\n2. Time of supply in case of reverse charges shall be earliest o<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \/ CGST is paid = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n be at the option of supplier, may be the date of issue of invoice = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e determined as below; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Time of supply under CGST Act, 2017By: – Sanjeev SinghalGoods and Services Tax – GSTDated:- 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 … Continue reading “Time of supply under CGST Act, 2017”<\/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-3519","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3519","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=3519"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3519\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nExample
\nGeneral
\nInvoice date
\nInvoice due date
\nPayment in supplier books
\nCredit in bank a\/c
\nTime of supply
\nInvoice raised before removal
\n10-11-2017
\n20-11-2017
\n28.11.2017
\n30.11.2017
\n10.11.2017
\nAdvances received
\n15.11.2017
\n20.11.2017
\n10.11.2017
\n13.11.2017
\n10.11.2017
\nIn case of movement of goods
\nInvoice date
\nRemoval of goods
\nDelivery of goods
\nReceipt of Payment
\nTime of supply
\nDelayed issue of invoice
\n26.11.2017
\n20.11.2017
\n26.11.2017
\n26.11.2017
\n20.11.2017
\nAdvance received
\n30.11.2017
\n10.12.2017
\n14.12.2017
\n20.11.2017
\n20.11.2017
\nSupply otherwise than movement of goods
\nInvoice date
\nReceipt of invoice by recipient
\nDelivery of goods
\nReceipt of payment
\nTime of supply
\nDelay issue of invoice
\n30.11.2017
\n05.12.2017
\n26.11.2017
\n10.12.2017
\n26.11.2017
\nInvoice issued before prior to delivery
\n20.11.2017
\n30.11.2017
\n26.11.2017
\n10.12.2017
\n20.11.2017
\nReverse charge
\n Invoice date
\nRemoval of goods
\nReceipt of goods
\nPayment by recipient
\nTi<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n2. In case where tax is payable on supply of services under reverse charge, earliest of the following;
\n * Date of payment as entered in the books of recipient or the date when payment is debited in his bank account which ever is earlier
\n * 60 days from the date issue of invoice or any other document by supplier
\n * Where above provision shall not apply, the time of supply shall be the date of entry in the books of account of recipient.
\n3. In case of supply of vouchers
\n * Date of supply of voucher, if it can be identify
\n * Date of redemption of voucher in all other cases
\n4. In case it is not possible to establish the time of supply as discussed above in [2&3] then
\n * In case of periodical return to be filed ,date on which periodical return has to be filed
\n * In all other cases , date on which SGST \/ CGST is to be paid
\nExample
\nGeneral
\nInvoice date
\nInvoice due date
\nPayment in supplier books
\nCredit in bank a<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n1. In the case of goods or services have been supplied before the change of effective rate of tax
\n * Where the invoice is raised and payment is received after the change of rate of tax , time of supply shall be earliest of the invoice or payment
\n * Where the invoice 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.
\n * 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
\n2. In the case of goods or services have been supplied after the change of effective rate of tax
\n * 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.
\n * Where the invoice is raised after the change of rate of tax and payment is received before the change of rate<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n