Article explains Time of Supply Of Goods Or Services in Issue of Invoice, Receipt of Payment, in case of Reverse Charge Mechanism (RCM), in case of issue of voucher and in other cases. It further explains Time of Supply in case of change in rate of tax in respect of supply of goods or services.
| Time of supply of goods | Time of supply of services | ||
| A. General Cases | 1. Date of issue of Invoice
2. Date of receipt of payment Whichever is earlier |
A. General Cases | 1. Date of issue of Invoice
2. Date of receipt of payment Whichever is earlier |
| B. Reverse Charge Mechanism (RCM) | 1. the date of the receipt of goods, or
2. the date on which the payment is made, or 3. the date immediately following thirty days from the date of issue of invoice by the supplier Whichever is earlier Otherwise Date of entry in books of recipient of supply |
B. Reverse Charge Mechanism (RCM) | 1. the date on which the payment is made, or
2. the date immediately following Sixty days from the date of issue of invoice by the supplier Whichever is earlier Otherwise Date of entry in books of recipient of supply |
| 3. Voucher | 1. the date of issue of voucher, if the supply is identifiable at that point; or
2. the date of redemption of voucher, in all other cases; |
C. Voucher | 1. the date of issue of voucher, if the supply is identifiable at that point; or
2. the date of redemption of voucher, in all other cases |
| 4. Exceptional Cases (where A,B & C Not Apply) | 1. in a case where a periodical return has to be filed, be the date on which such return is to be filed, or
2. in any other case, be the date on which the CGST/SGST is paid |
D. Associated Enterprises | 1. the date of entry in books of recipient; or
2. the date of payment Whichever is earlier
|
| E. Exceptional Cases (where A,B C & D Not apply) | 1. in a case where a periodical return has to be filed, be the date on which such return is to be filed, or
2. in any other case, be the date on which the CGST/SGST is paid |
||
Time of Supply in case of change in rate of tax in respect of supply of goods or services
| Goods/Services Supplied BEFORE Changing the rate of Taxes | |||
| Invoice | Payment | Point of time | |
| 1 | After
|
After | Whichever is earlier |
| 2 | Before | After | Invoice |
| 3 | After | Before | Payment |
| Goods/Services Supplied AFTER Changing the rate of Taxes | |||
| Invoice | Payment | Point of time | |
| 1 | Before | Before | Whichever is earlier |
| 2 | Before | After | Payment |
| 3 | After | Before | Invoice |
