√ As per section 12(2), the time of supply of goods shall be the earlier of the following dates, namely: –
– The date of issue of invoice by the supplier or the last date on which he is required, under section 31, to issue the invoice with respect to the supply; or
– The date on which the supplier receives the payment (the date when payment entered in books or payment credited in bank account whichever is earlier) with respect to the supply:
– As per Notification no. 66/2017 CT dated: 15/11/2017, the govt. has removed the condition of date of payment while determining the time of supply and now only the time of issuance of invoice is considered for payment of taxes in case of goods.
√ As per section 13(2) of the CGST Act, 2017, the time of supply of service shall be the earliest of the following dates: –
– The date of issue of invoice by the supplier, if the invoice is issued within the period prescribed under section 31 or the receipt of payment (the date when payment entered in books or payment credited in bank account whichever is earlier), whichever is earlier; or
– The date of provision of service, if the invoice not issued within the period not prescribed under section 31 or the date of receipt of payment, whichever is earlier; or
– The date on which the recipient shows the receipt of services in his books of account, in a case where the provision of clause (a) or clause (b) do not apply:
√ Provided that where the supplier of taxable service/Goods receives an amount up to one thousand rupees in excess of the amount indicated in the tax invoice, the time of supply to the extent of such excess amount shall, at the option of the said supplier, be the date of issue of invoice relating to such excess amount.
√ Section 31(1) of the CGST Act, 2017 prescribed that a registered person supplying taxable goods shall, before or at the time of,-
– removal of goods for supply to the recipient, where the supply involves movement of goods; or
– delivery of goods or making available thereof to the recipient, in any other case, issue a tax invoice showing the description, quantity and value of goods, the tax charged thereon and such other particulars as may be prescribed.
√ Section 31(2) of CGST Act,2017 says that a registered person supplying taxable services shall, before or after the provision of service but within a prescribed period (30 days from the date of completion of service), issue a tax invoice, showing the description, value, tax charged thereon and such other particulars as may be prescribed:
√ Transaction between ECO and supplier: – TCS is to be collected once supply has been made through the e-commerce operator and where the business model is that the consideration is to be collected by the ecommerce operator irrespective of the actual collection of the consideration. For example, if the supply has taken place through the ecommerce operator on 30th March 2021 but the consideration for the same has been collected in the month of April, 2021 then TCS for such supply has to be collected and reported in the statement for the month of March, 2021.