Meaning of term Time of Supply under GST

p>

What is the difference between High sea sales and imports

What is the difference between re-exports and re-imports

How does First Appraisement system of import customs clearance procedures work?

How does Letter of Credit work?

How does Bill of Lading work in DP payment terms?

Customs procedures for Costa Rica Export

Registration required to export from Costa Rica

Import Customs processes in Costa Rica

Import Registration and import Licence procedures in Costa Rica

How to export from Bolivia?

How to Import to Bolivia?

How to import to India from Bolivia?

 

Time of Supply under GST

 

The details about Time of Supply under GST are explained here. 

Time of Supply (Sections 12 & 13 of the CGST Act)

The liability to pay CGST/SGST on the goods shall arise at the time of supply. The time of supply of goods would be earlier of the following dates, namely:

  1. the date of issue of invoice by the supplier or the last date on which he is  required to  issue the invoice with respect to the supply; or
  2. the date of receipt of payment by the  supplier

However, 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 date, namely:   -

  1. the date of receipt of goods, or
  2. 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
  3. the date immediately following 30 days from the date of issue of invoice or any other document, by whatever name called, in lieu thereof by the  supplier:

In case of service, the time of supply shall be earlier of the following dates, namely:   -

  1. the date of issue of invoice by the supplier if the invoice is issued within the prescribe period (i.e. 30 days)
  2. The date of provision of service, if invoice is not issued within the prescribed   period
  3. The date on which the recipient shows the receipt of services in his books of account, in the case (a) and (b) do not apply.

The information provided here is about Time of Supply under GST.  If you would you like to add more information about Time of Supply under GST, share below your thoughts.

 

 

 

Learn Exports Imports Free, Click here

Click here to know GST rate of your goods or service

Publication of information in respect of persons in certain cases, Section 159 of CGST Act, 2017 

Section 156 Persons deemed to be public servants, CGST Act, 2017         

Power to collect statistics, Section 151 of CGST Act, 2017              

Goods and services tax compliance rating, Sec 149 of CGST Act, 2017      

Section 146 of CGST Act, 2017 Common Portal   

Section 145 of CGST Act, 2017 Admissibility of micro films, facsimile copies of documents              

Job work procedure, Section 143 of CGST Act, 2017         

Section 139 of CGST Act, 2017 Migration of existing taxpayers    

Section 135 Presumption of culpable mental state, CGST Act, 2017

Transfer of credit on sale, merger, amalgamation, lease Means

Term transaction value under GST

Threshold Exemption under GST

Meaning of National Academy of Customs, Excise and Narcotics (NACEN)

Meaning of Indian Merchants Chamber Association (IMC)

Term TDS credit, TDS certificate under GST

What is TCS statement under GST

Taxable invoice under GST

Spelling error in LC? Is wrong spelling a discrepancy under Letter of credit?

Stuffing and De stuffing – 2 regular terms used in shipping

Surrender of Bill of Lading – Some facts

Switch BL

What is the difference between BAF and CAF


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers