{"id":22408,"date":"2019-07-29T17:58:14","date_gmt":"2019-07-29T12:28:14","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=22408"},"modified":"2021-03-22T14:31:22","modified_gmt":"2021-03-22T09:01:22","slug":"time-of-supply-under-gst","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/time-of-supply-under-gst\/","title":{"rendered":"Time of Supply under GST: A Comprehensive Detailed Information"},"content":{"rendered":"

Time of supply or as earlier as it was the point of taxation is a process which is used to determine the point of time, when tax is required to be paid on supply of goods or services. Section 12-14 of the CGST act contains provisions to determine the time of supply. <\/p>\n\n\n\n

Discussions made:<\/strong><\/p>\n\n\n\n

  1. What is the Time of Supply in case of Supply of Goods?<\/li>
  2. What is the Time of Supply in case of Supply of Services?<\/li>
  3. What is the Time of Supply when there is Change in the Tax rate in case of Goods or Services?<\/li>
  4. What is the Time of Supply of Vouchers?<\/li>
  5. Time of Supply-Residuary provisions.<\/li>
  6. Common Time of Supply for Goods and Services<\/li><\/ol>\n\n\n\n

    Time of Supply for Supply of Goods<\/h2>\n\n\n\n
    \n Particulars<\/strong>\n <\/td>\n Time\n of Supply<\/strong>\n <\/td><\/tr>
    \n  \n

    Forward Charge i.e.\n Tax payable by Supplier\n (1.07.2017-12.10.2017)<\/p>\n  \n  \n  \n  \n  \n  \n <\/td>

    		  

    Earlier of the following dates: the date on which invoice is issued by the supplier or the date on which he is required to issue the invoice i.e. due date of  Invoice or last date the date of receipt of payment   The date of receipt of payment shall earlier of the date when the supplier enters the payment in his books of accounts or on the date on which the payment is credited to his bank account.<\/p>   <\/td><\/tr>

    \n  \n

    Forward Charge i.e.\n Tax payable by Supplier\n (13.10.2017-14.11.2017)<\/p>\n  \n  \n  \n  \n  \n <\/td>

    		  

    Earlier of the following dates: the date on which invoice is issued by the supplier or the date on which he is required to issue the invoice i.e. due date of Invoice or last date the date of receipt of payment Point no. (c) will not be applicable if the taxpayer has not opted for Composition Scheme (Notification no. 66\/2017)   The date of receipt of payment shall earlier of the date when the supplier enters the payment in his books of accounts or on the date on which the payment is credited to his bank account. In case the turnover is less than 1.5 Crores, No GST on Advance.<\/p> <\/td><\/tr>

    \n  \n

    Forward Charge i.e.\n Tax payable by Supplier\n (15.11.2017 Onwards)<\/p>\n <\/td>

    		  

    Earlier of the following dates: the date on which invoice is issued by the supplier or the date on which he is required to issue the invoice i.e. due date of Invoice or last date    It Simply means no GST on Advance in case of Supply of Goods irrespective of turnover.<\/strong><\/p> <\/td><\/tr>

    \n  \n

    Reverse Charge Mechanism<\/p>\n <\/td>

    		  

    Earliest of the following dates: the date when goods are received or the date when payment is entered in the books of account of the recipient or the date when payment is debited in his bank account, whichever is earlier or31st day i.e. day after 30th<\/sup> day from the date on which invoice is issued or any other document   If it is not possible to determine the time of supply in respect of supplies under Reverse Charge Mechanism, the time of supply in such case shall be the date of entry in the books of account of the recipient.<\/p> <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    What is the Time of Supply of Services?<\/h2>\n\n\n\n
    \n Particulars<\/strong>\n <\/td>\n Time\n of Supply<\/strong>\n <\/td><\/tr>

    Forward Charge- Invoice is  issued within the prescribed period<\/p> <\/td>

    Earliest of the following dates: the date on which invoice is issued by the supplier or date on which the payment is entered by the supplier in his books of account or date of credit of payment to his bank account<\/p> <\/td><\/tr>

    \n

    Forward Charge- Invoice is not issued within\n prescribed period<\/p>\n <\/td>

    Earliest of the following dates: the date of provision of service or date on which the payment is entered by the supplier in his books of account or date of credit of payment to his bank account. <\/p> <\/td><\/tr>

    \n

    If above events are not ascertainable<\/p>\n <\/td>

    		\n

    \n The date receipt of services as shown by the recipient in\n his books of accounts<\/p>\n <\/td><\/tr>

    \n  \n

    Reverse Charge Mechanism<\/p>\n <\/td>

    Earlier of the following dates: the date on which payment is entered in the books of account of the recipient or the date of debit of payment is debited in his bank account or61st day i.e day after 60th<\/sup> day from the date on which invoice is issued   If it is not possible to determine the time of supply, the time of supply shall be the date on which entry is made in the books of account of the recipient. <\/p> <\/td><\/tr>

    \n

    Import of Service from AEs<\/p>\n <\/td>

    the date on which entry is made in the books of account of the recipient of supply or the date of payment, whichever is earlier. (AEs – Associated Enterprises) <\/p> <\/td><\/tr><\/tbody><\/table>\n\n\n\n

    What is Time of Supply when there is a change in Tax Rate in respect of Supply of Goods or Services?<\/h2>\n\n\n\n