Time of Supply – Amended

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Time of Supply

Time of Supply

Time of Supply in case of goods.

  1. Normal charge mechanism

Date of issue of invoice or the date on which invoice should be issued.

(As per amendment wide notification no 66/2017)

 

  1. Reverse charge mechanism

Earlier of the following:

A. Date on which the goods are received

          OR

B. Date immediately following after 30days from date of issue of invoice.

          OR

C. Date on which the payment recorded in the books of accounts of receiver or debited in the bank account whichever is earlier.

However, if the time of supply is not determinable in aforesaid manner, then the time of supply is the date of entry of the transaction in the books of accounts of the recipient of supply.

Time of Supply in case of services.

  1. Normal charge mechanism

Earliest of following:

A. Date of issue of invoice/completion of services

          OR

B. Date on which the payment recorded in the books of accounts of supplier or credited in the bank account whichever is earlier.

Note: If invoice is not issued within time specified in section 31 of CGST Act 2017 i.e. within 30 days in case of all services except banking, financial institution and insurance service and 45 days in case of banking and financial institution and insurance than date of completion is taken for time of supply. That is time of supply in this case is earlier of date of payment or completion of service.

However, if the time of supply is not determinable in aforesaid manner, then the time of supply is the date of entry of the transaction in the books of accounts of the recipient of supply.

  1. Reverse charge mechanism

Earlier of the following:

A. Date immediately following after 60 days from date of issue of invoice.

          OR

B. Date on which the payment recorded in the books of accounts of receiver or debited in the bank account whichever is earlier.

However, if the time of supply is not determinable in aforesaid manner, then the time of supply is the date of entry of the transaction in the books of accounts of the recipient of supply.


 

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