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Free Demo Class On GST:-Time Of Supply ,Very Important Topic (GST Made Easy By Devendra Kumar

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  • Dev C

    • Bangalore
    • 11 Years of Experience
    • Qualification: CA
    • Teaches: IAS Preparation, Tax Laws, Contract Act Laws, Comp...
  • Contact this tutor

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

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    Devendra Kumar Chaunan Current Location: No. 73/1, Summit Tower A, Brigade Metropolis, Garudacharpalya, Whitefield Main Road, Mahadevapura, Bangalore - 560048 . Phone: 9899006246 9811766246 E-Mail [email protected] Resident: Kalamandir Marathahali CST Time of SUDDIV 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 CST 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
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    DEVENDUKUMAR CHAU" 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 date of issue of an invoice by the supplier or date of receipt of payment a)ln case of the invoice is not issued within the prescribed time, earlier of date of provision of service i? •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;
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    DEVENDUKUMAR CHAU" 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. DEV CHAUHAN is not only faculty on the Subjects:-Direct Tax, Indirect tax (GST),Advance Account, Strategic Financial Management but also working Professional as well. Dev Chauhan was engaged with world's largest leading Companies Microsoft Corporation, Genpact, Accenture, NTT Data Honeywell . Besides, He is also providing Corporate Training to various corporate clients. He is having vast experience of Teaching Direct tax, faculty at New Delhi for last 10 years. He is the ultimate option for all CA, CS, and ICWA students when it comes to take coaching of DT and Indirect tax (GST) subject. He is one of the most respectable faculties all across India. He shares his 10 years of experience with the students in the class which is truly helpful for them and it also makes the teaching methodology unique and acceptable. He has been a guide to all his students and treats them as gems. There is thousands of CA, CS, and ICWA who have taken coaching from including several rank holders.
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    DEVENDUKUMAR CHAU" His name figured in the merit list at the school level. He has excellent academic credentials and vast exposure in the field of Taxation with specialization in GST. He possesses rich and varied experience of more than one decades in Account, Financial management and Taxation Consultancy. Responsible Accounting Teacher who has a very high passing percentage among all past students. Adept at creating lesson plans that interest students getting students interested in the subject and helping students who want better grades but are struggling. Specializes in B.Com. CA, CS, ICWA level students. Have overall 6+ years of experience with specialization in Record to report domain (closing & reporting), Process lead & Subject Master Expert in plant and inventory ,capital and project accounting, also worked with transition team to perform fill gap session for Record to report and fixed Asset Accounting to standardized & to bring improvement in current ways of working. Have also good experience in Fixed Assets accounting, Inter Company, Indirect tax (Excise, Vat ,Custom, Service Tax ,GST), Direct tax (Income Tax Wealth Tax), Balance Sheet reporting , Payroll, Have brings vast experience in working with customers & has excellent business acumen. Have deep understanding in delivering complex solutions & services in finance & accounts domain. AREAS OF EXPERTISE 10+ Years International Financial Reporting Standards Certificate (IFRS Certificate) Record to report (Advance Account) Strategic Financial Management Fixed Assets handling, Inter Company Indirect tax and Direct tax. Certificate in GST( goods and service tax ) and IND AS by ICAI Practical Experience of IFRS and IND AS Transitions and Reverse transition of R2R processes within limited timeframe PROFESSIONAL EXPERIENCE Capgemini Pvt Ltd, as a process lead ,(From 18 Oct 2017 till present ) Role & Job Accounting responsibilities include with Plant and Inventory team. Inventory Reserves-excess & Obsolete, , Physical Inventory Adjustment, WIP reserve adjustment Advance payment from customer, E&O true up ,unbilled receivable Manual Inventory Adjustment [accruals Like Shipped not bill, Delay title, Free of charge, Create MB58 report, MBLB report,MB5Lreport Review of cancelled invoice, Dock walk or Shelf accrual Monthly trade AR, In transit accrual, checking invoice Vendor Managed Inventory, Purchase Price Variance, Production settlement varia , Material, labor, overhead variance Material revolution reserve ,Over/under applied inventory Accounting for Material handling costs, procurement cost Capitalizing & Amortizing Plant and equipment cost Account reconciliation for finished goods, raw material , W I P, manual inventory ,reconcile accrued commission Team management identify problems and resolve conflicts within a team increase personnel productivity and build an effective team Allocating daily jobs and workloads. Training new team members. Acting as a resource for other staff members. Managing team performance and progress. Enforcing all company approved policies and procedures. Constantly looking for ways to improve processes. Monitoring the performance of junior staff. Completing team-related paperwork. Accenture Solution Pvt Ltd, Analyst 11(2 )(SME),(From 2 Jan 2017 t016 Oct 2017 ) Role & Job Accounting responsibilities include with Fixed Asset team. Maintain Fixed Assets register like assets shell creation and additions, deletion, capitalization, transfer, disposal, leaseback. Internal Order creation for Fixed Asset Blocking of asset, Creation of FA Sub Number
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    CHAUIIAN Fixed Asset Negative Value Prepare production Volume report for disposal, Creation for provision ,Calculation for inflation, Revaluation, Blocking FA in Zero where there is no use Global test for deprecation as per IFRS and local legal law Balance sheet (Ledger) VS Module (Sub Ledger) reconciliation as per IFRS and Local Legal Law. Cogon's Flow Report for Fixed asset. Assist in the preparation of budgets allocation of Budget Prepared roll forward schedule and year-end audit information. Checking Asset under construction pending for Capitalization P.O Management ( Automatic settlement and Fully settlement liquidation) Depreciation /Amortization real Validation test ,Run AFAR AFAB,ASKB Run Batch Processes on SAP system to create journals for capitalization, Depreciation & Test Run. Post journals for asset impairment, consolidations. Identify & resolve problem situations as a first point of escalation. Ensure timely & accurate completion of deliverables & meeting SLAs NTT Data Global Delivery Services Ltd(Japan base MNC).(From 8 March 2016 to 20 Dec 2016) Role & Job Accounting responsibilities include with Reconciliation Team(Balance sheet and Suspense reconciliation) > GL Reconciliations > Prepare monthly GL reconciliation. > Identification of cleared items and open items of GL. > Query resolution and follow up for open items. > Doing Research to clear out open items from GL. Co-coordinating with various teams to resolve/clear out the open items belongs to respective teams. Understanding of purpose and procedure of reconciling GL. E) Tying up the balance of SAP balance with Blackline reconciliation tool with proper supporting's/ backups. SUSPENSE Accounting AND ERROR CORRECTION and Suspense Account Reconciliation Detect & Monitor system & processing Errors for Clearing Suspense A/C Perform Financial Analysis and search for Suspense item Assessment of the Validity, Correctness and Appropriateness of the general ledger A/c or Group of accounts Proactively identifying issues and resolving them Rectify Trial balance Errors, Posting Errors. Reversal or reclass entry for rectify errors. Analysis and search for Suspense item Follow up for Open Item Account payable Payment Void /Stopped for incorrect payment Genpact India(USA base MNC).(From March 2012 to 7 March 2016 ) Rated as Top Performer at Genpact R2R (General Accounting, Fixed Assets, Intercompany, Tax, Closing & Reporting and Financial Planning & Analysis) - (geographies includes East, India, Hong Kong & As Pac) Delhi, India (From March2012 to 7 March 2016) Role & Job accounting responsibilities include with Record to report team Period end close process —closed SLA, Reconcile GL and SLA, Analyze &Resolve interface variances. • Posting of journal (Accrual/Deferment, prepayments, payroll correction, cost allocation. • Reversal Accrual , Unapproved Invoice Accrual, Running Revel (FX Revolution) • Capitalization manufacturing variance, Contractual Obligation ,Recurring entries posting • Bad Debt Reserve ,Cost center review ,Cost center reclass, Debt Amortization • Balance Sheet and bank Reconciliation , Tax Reconciliation Prepaid ,outstanding and accrual expense analysis Managements reports: Good received and invoice report, Margins trend , Halogen , AR Aging& Creditors report Genpact India • Role & Job Accounting responsibilities include with Inter Company . (SAP) invoice Coding ,confirmation and reconciliation ,Mismatch report ,Ageing report Accrual entries for enter company ,lnter - company Netting & Settlement, Inter -company Asset Transfer - UK, Middle Inter-company Commission (accruals),lnter-company Loans/advance, Inter-company Invoicing (cross charges like Statutory Cross charge, ),Foreign Exchange gains & Losses ,lnter-company sales (l.c. Profit) Inter -company Dividend, Inter-company Interest adjustment, Inter-company Reconciliation
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    CHAUIIAN Audit Firms (Mangal Singh saini Associates) India (Feb2007 to Feb2012) Role - Completed 3 years article training & thereafter worked in capacity of Audit Manager directly reporting to Partner and Inter globe MNC(on contract basis) India (March2010 Feb2012) Finance Assistant with job responsibilities including entering financial data into accounting system, maintaining financial filing system & filing financial documents as required. Keep accurate records of transactions, maintenance purchase book and sales book ,cash book banks book, ledger , journals, vouchers & accounting documents. Preparing financial reports, reconciliation of bank account & performing other financial duties as may be assigned from time to time Auditing, Assurance & Taxation • Statutory & Internal audits of companies ensuring time & accuracy norms as per Standards issued by ICAI for accounting purposes in accordance with Indian regulatory requirements. Companies include Extra Large Public Sector Companies like Reliance Infocom pvt ltd • Tax audit of companies & firms. Finalization of Tax Audit Report for the purpose of submitting tax return. • Central Statutory, Statutory & Concurrent audit of Extra Large Public Sector Banks. Banks includes SBI & its subsidiaries, Allahabad Bank, Dena Bank, OBC Statutory compliances related to income tax, wealth tax & TDS, service tax, excise and customs. Special Investigation Audit, Due diligence. Companies include Central Warehousing Corporations, CMI Ltd., and Hind Agro etc. Trainina International Financial Reporting Standards Certificate (IFRS Certificate) Account Payable Specialist Certificate, Advance excel, Basic excel, SAP Business Writing, Email Skill Writing People Management, Customer Centricity, Essential Communication Skills, U.K Culture TECHNICAL SKILLS Sound knowledge & extensive working experience on SAP, PEOPLE SOFT (ORACLE) , FAST, IMAGINE, LIFE GUARD ,ORACLE like resource link, remedy, sun system ,BIack line.. , assure net reconciliation tool Expert working knowledge on MS Office (word, excel, power point) ACADEMIC QUALIFICATIONS • C.A Training 19 feb 2007 to Jan2010 • Chartered Accountant (i) ICAI years 2006 Bachelor of Commerce, • Account Payable Specialist Certificate, • Certificate in International Financial Reporting Standards with Practical work experience with IFRS ,UK IUS GAAP ,lndian Accounting Standards(lnd AS) Personal Details Gender: male Marital Status: Married Nationality: Indian Father's Name: Late Mr., Balveer Singh

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