Gst – time of supply introduction gst – time of supply: point in time when the liability to pay tax arises who shall pay: taxable person • on what gst shall be paid: supply of goods and services – section 7 • when gst shall be paid: point of supp.ly • where shall gst be paid: place of supply • to whom shall it be paid: respective government • how to pay: cash / credit time of supply of goods generally earlier of date of issue of invoice or last date on which the invoice was required to be issued date of receipt of payment in case of reverse charge earlier of date of receipt of goods date of payment from the date of issue of the invoice date immediately following 30 days. time of supply in case of supply of vouchers date of issue of the voucher, if the supply is identifiable at that point date of redemption of the voucher, in all other cases in case of receipt of additional value of supply in the form of residual in the case where a periodical return has to be filed, the date on which such return is to be filed in any other case, the date on which cgst/sgst is paid time of supply of goods – last date for issue of invoice last date of issue of invoice concerning the removal goods removed date of removal goods are not removed date on which goods are made available the continuous supply of services statements of accounts or successive payments goods sent on approval before or at the time of supply six months from the date of removal continuous supply of goods section 2(32) defines “continuous supply of goods” means a supply of goods which is provided, or agreed to be provided, continuously or on recurrent basis, under a contract, whether or not by means of a wire, cable, pipeline or other conduit, and for which the supplier invoices the recipient on a regular or periodic basis and includes supply of such goods as the government may, subject to such conditions, as it may, by notification, specify continuous supply of goods notification no. 40/2017 – central tax dt. oct 13, 2017 registered person whose aggregate turnover in the preceding financial year did not exceed one crore and 5000000 rupees or the registered person whose aggregate turnover in the year in which such person has obtained registration is likely to be less than 15000000 rupees and who did not opt for the composition levy under section 10 of the said act as the class of persons who shall pay the central tax on the outward supply of goods at the time of supply as specified in clause (a) of sub-section (2) of section 12 of the said act including in the situations attracting the provisions of section 14 of the said act, time of supply of services in case invoice issued within the prescribed time, earlier of ï?·the date of issue of an invoice by the supplier or ï?·the date of receipt of payment a)in case of the invoice is not issued within the prescribed time, earlier of ï?·the date of provision of service ï?·the date of receipt of payment a continuous supply of services when due date of payment is ascertainable, on or before the due date of payment; a.else, date of receipt of payment; where the payment is linked to the completion of an event, date of the end of that event. time of supply of services time of supply of services supply ceases before completion time when the amount ceases in case of reverse charge the date of payment the date immediately following 60 days from the date of issue of invoice supply of vouchers date of issue of the coupon, if the amount is identifiable at that point time of redemption of the voucher, in all other cases residual in the case where a periodical return has to be filed, the date on which such return is to be submitted in any other case, the date on which cgst/sgst is paid continuous supply of services section 2(33) “continuous supply of services” means a supply of services which is provided, or agreed to be delivered, continuously or on recurrent basis, under a contract, for a period exceeding three months with periodic payment obligations and includes supply of such services as the government may, subject to such conditions, as it may, by notification, specify; additional consideration section further provides that the time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier receives such addition in value. thus, any additional consideration for any supply of services shall be taxable at the time when such additional consideration is received. time of supply of services – rate change supply issue of invoice receipt of payment time of supply before the change in the rate of tax after the difference in the rate of tax date of receipt of payment, or date of issue of invoice, whichever is earlier before the change in the rate of tax
Accountancy, Accounts, Indirect Tax
