Time of Supply – GST
By: – CAJUGAL DOSHI
Goods and Services Tax – GST
Dated:- 30-5-2017<\/p>\n
Background –
\nPoint 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.
\nSr. No.
\nParticulars
\nGoods
\nServices
\n1
\nNormal mechanism
\nif invoice issued in time(See Note 1)
\n Earlier of two:
\n * Date of invoice or
\n * Date of receipt of payment
\nEarlier of two:
\n * Date of invoice or
\n * Date of receipt of payment
\nNormal mechanism
\nif invoice not issued in time
\n Earlier of two:
\n * Last date for issue of invoiceor
\n * Date of receipt of payment
\nEarlier of two:
\n * Date of provision of service or
\n * Date of payment
\nOthers
\nDate as per books
\n2
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\nDate on which tax is to be paid
\n5
\nIn case of addition to the supply(by way of interest, penalty or late fees)
\nDate of supply to the extent of addition should be date on which supplier receives such addition.
\nDate of supply to the extent of addition should be date on which supplier receives such addition
\nNotes
\n * 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
\n\t“Supply” shall bedeemed to have been made to the extent it is covered by the invoice or, as the case may be, the payment.
\n\tDate of receipt of payment will be earlier of two:-
\n * Date on which entry entered in books of accounts or
\n * Date on which payment credited to bank account
\n\t“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<\/p>\n
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\nBefore or at the time ofeach such statement is issued or
\nSuccessive payments
\nBefore or at the time of each such payment is received
\n3
\nIn case of supply of services
\n Banking company or Financial\/Non-financial institutions
\nBefore or within 45 days from date of supply of service
\nOther cases
\nBefore or within 30 days from date of supply of service
\nSupply 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
\nWhen such supplier records the same in his books of account or before the expiry of the quarter during which the supply was made.
\n4
\nIn case of continuous supply of services
\nDue date of payment is ascertainable
\nOn or before the due date of payment
\nDue date of payment is not ascertainable
\nOn or before such time when the supplier of service receives the payment
\nPayment is linked to the completion of an event
\nOnor before completion of <\/p>\n
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