Time of supply in Continuous supply of services under GST in India

 

How to determine Time of Supply in continues supply of services

Time of supply in Continuous supply of services under GST in IndiaLet us discuss with an example to find time of supply under continuous supply of services for the computation of GST in India.

X issued an Invoice against supply of service to Y on 15th June. Due date as per agreed contract is on 14th June. Payment received against such supply is on 17th June. The event of such services completed on 17th June where payment is linked to completion of event. In this example, the time of supply to determine GST tax liability is on 145th June.

As per GST Law, the time of supply shall be the due date of payment, if ascertainable from the contract. If not ascertainable, it will be earliest of date of receipt of payment or the date of issue of invoice or completion of event where payment is linked to completion of event.

Let us have another example to make clear about determination of time of supply under continues supply of services for calculation of GST in India.

X issued an Invoice against supply of service to Y on 25th March. Payment received against such supply is on 13th March. The event of such services completed on 24th March where payment is linked to completion of event. The due date for this contract is not ascertainable. In this example, the time of supply to determine GST tax liability is on 13th March because the payment due date for this contract is not ascertainable.

This post explains about the determination of time of supply of continues supply of services to compute GST in India. Share below your comments about this post on time of supply determination on continues supply of services under GST in India.

 

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