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The time of supply for goods is the closest date when the invoice is issued by the supplier, the due date on which the supplier must issue the invoice or the date when the receipt of payment is issued. Every supplier must mandatorily issue an invoice either
The time of supply of goods or services will be the determining factor on when exactly the goods and services supplied by the supplier will be eligible for taxation.
It is crucial that every enterprise registered under GST must know the concept of time of supply to help them calculate when it will be liable to pay the taxes. Based on the type of transaction processed, the time of supply for both goods and services varies.
The time of supply for goods and services are categorized into the following
GST Mini Guide
The point of taxation is the point of time when the goods have been assigned and deemed to be supplied or the time when services are reckoned to be provided. This point of taxation allows one to determine the rate of tax, the value of goods or services and the due dates for the payment of taxes.
As per GST, the point of taxation (liabilities for making payments towards CGST/SGST) will take place during the time when the supply will be determined for the goods and services. The provisions for time of supply for both goods and time of supply for services varies from one another.
The time of supply of goods to be considered will be earlier of either of the following dates
Time of Supply of Goods will be the earlier of either of the following dates
Taxpayers registered under GST who supply taxable services must issue a tax invoice either before or after the services has been provided. The tax invoice will show the description of the service provided, the value of the service, the tax payable factor and any other details as mandated. The Central or State Government on the suggestion and notification of the Council must specify the categories of the services. As per the categorization, any other document issued against the supply will be deemed as the tax invoice (subjected to conditions and limitations as prescribed).
For any supply where tax must be paid or is liable to be paid on a reverse charge basis, then its time of supply will be the earliest of either of the following dates
As per the GST regime, the date for the tax to be collected will be the earliest of the dates as given above. Various events such as issuing of the invoice, payments made against the supply of goods and services or the completion of an event for the supply of service, ensures that the government of India, under GST, wants to follow a timely collection of taxes by assigning the due date as the earliest of many events.
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16th September 2017
All India ITR Blog