Article discusses Implication of Change in the Rate of Tax (GST) In case the goods or Services or both have been supplied before the change in the rate of tax, In case the goods or Services or both have been supplied before the change in the rate of tax, In case the goods or Services or both have been supplied before the change in the rate of tax, In case the goods or Services or both have been supplied after the change in the rate of tax, In case the goods or Services or both have been supplied after the change in the rate of tax and In case the goods or Services or both have been supplied after the change in the rate of tax.
| Change in Rate of Tax in respect of Supply of goods or Services (Section 14) | ||||
| In case the goods or Services or both have been supplied before the change in the rate of tax | Invoice issued and payment received after the change in the rate of tax | Time of Supply , Earliest of the Following Receipt of Payment or the date of issue of Invoice |
Supply 25.08.2018 Invoice 01.09.2018 Payment 05.09.2018 |
Time of supply will be 01.09.2018 |
| In case the goods or Services or both have been supplied before the change in the rate of tax | Invoice has been issued prior to change but payment is received after the change in the rate of tax | Time of Supply , the date of issue of Invoice |
Supply 25.08.2018 Invoice 26.08.2018 Payment 05.09.2018 |
Time of supply will be 26.08.2018 |
| In case the goods or Services or both have been supplied before the change in the rate of tax | payment is received prior to change but Invoice has been issued after the change in the rate of tax | Time of Supply , Receipt of Payment |
Supply 25.08.2018 Invoice 01.09.2018 Payment 27.08.2018 |
Time of supply will be 27.08.2018 |
| In case the goods or Services or both have been supplied after the change in the rate of tax | Invoice has been issued prior to change but payment is received after the change in the rate of tax | Time of Supply , Receipt of Payment |
Supply 01.09.2018 Invoice 25.08.2018 Payment 05.09.2018 |
Time of supply will be 05.09.2018 |
| In case the goods or Services or both have been supplied after the change in the rate of tax | Invoice issued and payment received before the change in the rate of tax | Time of Supply , Earliest of the Following Receipt of Payment or the date of issue of Invoice |
Supply 01.09.2018 Invoice 25.08.2018 Payment 26.09.2018 |
Time of supply will be 25.08.2018 |
| In case the goods or Services or both have been supplied after the change in the rate of tax | payment is received prior to change but Invoice has been issued after the change in the rate of tax | Time of Supply , the date of issue of Invoice |
Supply 01.09.2018 Invoice 02.09.2018 Payment 26.09.2018 |
02.09.2018 |
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