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    GST 4

    Uploaded by

    likithaggowdaa

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    GST 4

    Uploaded by

    likithaggowdaa
    3 views3 pages

    Original Title

    gst 4

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    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    3 views3 pages

    GST 4

    Uploaded by

    likithaggowdaa

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    1

    UNIT 4
    Theory notes

    TIME OF SUPPLY OF GOODS AND SERVICES:

    TIME OF SUPPLY OF SERVICES

    THERE ARE THREE DATES WHICH ARE IMPORTANT IN CASE OF A SERVICE:

    ● DATE ON WHICH THE SERVICE IS PROVIDED


    ● DATE ON WHICH THE INVOICE IS RECEIVED
    ● DATE ON WHICH PAYMENT IS RECEIVED FOR THE SERVICES

    Step 1: check whether the bill/invoice is issued within the due date

    What is the due date?-

    30 days within the date of providing the services

    If yes, the time of supply is

    If no, the time of supply is

    Time of supply of goods


    WHENEVER ONLY DATES ARE GIVEN

    WHENEVER GOODS ARE SUPPLIED, THERE ARE MANY DATES


    2

    DATE OF REMOVAL- The goods leaving the supplier's place

    DATE OF GOODS MADE AVAILABLE TO RECIPIENT- the date of goods reaching the recipient

    DATE OF INVOICE- the date on which invoice/bill is raised by the supplier

    DATE OF PAYMENT- the date on which the recipient/buyer of goods makes payment to those
    goods(ignore)

    The transaction value for calculation of GST shall include:

    1. Any taxes, duties, cesses, fees and charges levied under any statute other than GST
    Act/IGST Act, if charged separately by the supplier to the recipient.
    2. Any amount that the supplier is liable to pay in relation to such supply but which has been
    incurred by the recipient of the supply and not included in the price actually paid or payable
    for the goods and/or services
    3. 1. Incidental expenses, such as commission and packing, charged by the supplier to the
    recipient of a supply, including 2. Any amount charged for anything done by the supplier in
    respect of the supply of goods and /or services at the time of, or before delivery of the goods
    or, as the case may be, supply of the services
    4. Interest/late fee/penalty for delay in payment of consideration for supply will form part of
    value
    5. Subsidies directly linked to the price. (Except subsidies provided by the central and state
    Governments). Explanation: The amount of subsidy shall be included in the value of supply
    of the supplier who receives the subsidy.

    Exclusions

    Trade and Cash discount(as per normal trade practice) which is agreed upon before or at the
    time of supply.

    Cost of durable and returnable packaging

    Special notes for additional information


    3

    Under Reverse charge mechanism

    A. Time of supply in case of goods

    In case of reverse charge, the time of supply for goods shall be the earliest of the following dates:

    ● the date of receipt of goods


    ● the date of payment*
    ● the date immediately after 30 days from the date of issue of an invoice by the supplier

    If it is not possible to determine the time of supply, the time of supply shall be the date of entry in the books of
    account of the recipient.

    B. Time of supply in case of services

    In case of reverse charge, the time of supply shall be the earliest of the following dates:

    ● The date of payment


    ● The date immediately after 60 days from the date of issue of invoice by the supplier

    If it is not possible to determine the time of supply, the time of supply shall be the date of entry in the books of
    account of the recipient.

    Section 14

    Note:here, before means ‘prior to tax rate change’ and after means ‘subsequent to tax rate change’

    Clause Supply made Invoice issued Payment received Time of Supply shall be

    (a)(i) Before After After Earlier of date of issue of invoice or


    payment received

    (a)(ii) Before Before After Date of issue of invoice

    (a)(iii) Before After Before Date of receipt of payment

    (b)(i) After Before After Date of receipt of payment

    (b)(ii) After Before Before Earlier of date of issue of invoice of


    payment received

    (b)(iii) After After Before Date of issue of invoice

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