Section 12 of CGST Act,2017: Time of supply of goods
Click here to know GST rate of your goods or service
The below post explains about Time of supply of goods under section 12 of CGST Act,2017.
Section 12 of CGST Act, 2017 explains Time of supply of goods as below: (The amendments if any will also be updated here soon).
The extract of Section 12 of CGST Act,2017 quoted below:
Time of supply of goods
12. (1) The liability to pay tax on goods shall arise at the time of supply, as determined in accordance with the provisions of this section.
(2) The time of supply of goods shall be the earlier of the following dates, namely:—
(a) the date of issue of invoice by the supplier or the last date on which he is
required, under sub-section (1) of section 31, to issue the invoice with respect to the
supply; or
(b) the date on which the supplier receives the payment with respect to the
supply:
Provided that where the supplier of taxable goods receives an amount upto one thousand rupees in excess of the amount indicated in the tax invoice, the time of supply to the extent of such excess amount shall, at the option of the said supplier, be the date of issue of invoice in respect of such excess amount.
Explanation 1.––For the purposes of clauses (a) and (b), “supply” shall be
deemed to have been made to the extent it is covered by the invoice or, as the case may
be, the payment.
Explanation 2.––For the purposes of clause (b), “the date on which the supplier
receives the payment” shall be the date on which the payment is entered in his books
of account or the date on which the payment is credited to his bank account, whichever
is earlier.
(3) In case of supplies in respect of which tax is paid or liable to be paid on reverse
charge basis, the time of supply shall be the earliest of the following dates, namely:—
(a) the date of the receipt of goods; or
(b) the date of payment as entered in the books of account of the recipient or the
date on which the payment is debited in his bank account, whichever is earlier; or
(c) the date immediately following thirty days from the date of issue of invoice or
any other document, by whatever name called, in lieu thereof by the supplier:
Provided that where it is not possible to determine the time of supply under
clause (a) or clause (b) or clause (c), the time of supply shall be the date of entry in the
books of account of the recipient of supply.
(4) In case of supply of vouchers by a supplier, the time of supply shall be—
(a) the date of issue of voucher, if the supply is identifiable at that point; or
(b) the date of redemption of voucher, in all other cases.
(5) Where it is not possible to determine the time of supply under the provisions of
sub-section (2) or sub-section (3) or sub-section (4), the time of supply shall––
(a) in a case where a periodical return has to be filed, be the date on which such
return is to be filed; or
(b) in any other case, be the date on which the tax is paid.
(6) 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.
The above information clarifies about Time of supply of goods under section 12 of CGST Act,2017.
If you have any comments about Section 12 of CGST Act, 2017 explaining Time of supply of goods, share below your thoughts:
Click here to know GST rate of your goods or service
GST Exemption list of goods and services
Find HSN number or Service tariff code for GST
Indian GST Laws
How to export your goods?
How to get Export Order?
GST Registration Guidelines
Learn Imports and Exports business free of cost
Find HSN code of your product.
Interest on delayed payment of tax, CGST Act, 2017
Tax deduction at source, CGST Act, 2017
Transfer of input tax credit, CGST Act
Refund of tax, CGST Act, 2017
Consumer Welfare Fund,CGST Act, 2017
CGST Act, 2017 Self-assessment
IGST Act,2017, Special provision for payment of tax by a supplier
Zero rated supply, IGST Act,2017
GST payable for sale of animal oil, waxes, fats, vegetable oil etc.
GST rate for preserved meat, fish, crustaceans etc.
GST rate for Sugar Industry in India
GST payable for sale of Cocoa and Cocoa preparations
Slab rate of GST for preparation of starch, cereals and flour
GST rate for vegetable preparations, fruit preparations, nut preparations
GST schedule rate for essences, concentrates of tea, mate, soya sauce etc.
GST tariff for aerated water, mineral water, non-alcoholic beverages
How to export goods from India?
Mechanism of GST payment between GSTN and bank
GST payments of Cheque or DD from another bank
GST payment by Cash and same bank Cheque or DD
Validity period of Challan under GST tax payments
How many copies of challans for GST tax payment?
How does Bank work on GST tax payment?
How to pay GST tax through Bank?
How does First Appraisement system of import customs clearance procedures work?
How does Letter of Credit work?
Refrigerated Containers
How does STP units work in India?
How does TT (Telegraphic Transfer) work?
Transferability of Bill of Lading
Transhipment - A redefinition
Export Promotion Councils and Commodity Boards, product wise
Travelers to India under import duty exemption, Frequently Asked Questions Part 2
Triangular export
Tax wrongfully collected and paid to Central Government or State Government, Sec 77 of CGST Act, 2017
Section 74 Determination of tax not paid, CGST Act, 2017
Officers to assist proper officers, Sec 72 of CGST Act, 2017
Inspection of goods in movement, Sec 68 of CGST Act, 2017
Section 67 of CGST Act, 2017 Power of inspection, search and seizure
Section 20 of IGST Act,2017 Application of provisions
Tax wrongfully collected and paid to Central Government or State Government, IGST Act,2017
Zero rated supply, section 16 of IGST Act,2017
section 14 of IGST Act,2017, Special provision for payment of tax by a supplier
Section 59 of CGST Act, 2017 Self-assessment
Consumer Welfare Fund, Section 57 of CGST Act, 2017
Refund of tax, Sec 54 of CGST Act, 2017
Transfer of input tax credit, Section 53 of CGST Act, 2017
Tax deduction at source, Sec 51 of CGST Act, 2017
Interest on delayed payment of tax, Section 50 of CGST Act, 2017
Power to grant exemption from tax under section 6 of IGST Act,2017
Section 47 of CGST Act, 2017 Levy of late fee
Authorisation of officers of State tax or Union territory tax as proper officer in certain circumstances, IGST Act 2017
Section 42 of CGST Act, 2017 Matching, reversal and reclaim of input tax credit
Power to grant exemption from tax, UTGST Act 2017
Section 6 of UTGST Act, 2017
Authorization of Officers, UTGST Act 2017
Period of retention of accounts, Sec 36 of CGST Act, 2017
Section 35 of CGST Act, 2017 Accounts and other records
Section 33 of CGST Act, 2017 Amount of tax to be indicated in tax invoice and other documents.
Section 31 of CGST Act, 2017 Tax invoice
Zero rate of GST on sale of live Mules
No GST payable on sale of live hinnies
No GST on sale of live asses
No need to pay GST on Live Poultry Ducks
Zero percentage GST on sale of live bovine animals
Zero percent GST on purchase of live swine
Nil rate on sale of Live sheep
Zero percentage GST on purchase of live goats
No need to pay GST on sale of Live Poultry
Zero rate of GST on sale of Live Poultry Turkeys
Nil rate tariff of GST on Live Poultry Geese
Zero rate of GST on sale of Live Mammals
Zero percentage of GST on sale of Live Insects
Nil rate of GST on sale of Live Birds