Time of supply means the point of time when goods are considered to be supplied and GST becomes payable. It is important to know the time of supply because it determines the rate of tax, value of supply and due date of payment.
Section 12 of GST act deals with the time of supply of goods. It says that the time of supply of goods is the earlier of the following dates:
- The date of issue of invoice by the supplier or the last date on which he is required to issue the invoice.
- The date of receipt of payment by the supplier.
For example, if a supplier sells goods on 10th May 2023 and issues an invoice on 15th May 2023, then the time of supply is 10th May 2023, because it is earlier than 15th May 2023.
However, there are some exceptions and special cases where the time of supply is different. For example, in case of reverse charge, where the recipient has to pay GST instead of the supplier, the time of supply is the earliest of:
- The date of receipt of goods by the recipient.
- The date of payment by the recipient.
- The date immediately after 30 days from the date of issue of invoice by the supplier.
For example, if a recipient buys goods on 10th May 2023 and pays on 20th May 2023, then the time of supply is 10th May 2023, because it is earlier than 20th May 2023 and 30 days from the invoice date.
Know the Writer:
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How to Contact Us?
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- Email: taxslimventure@gmail.com
- Website: www.txsv.in
- Address: Taxslim Venture, 517, Deep Plaza,Opposite District court, Rajeec Chowk, Gurgaon, Haryana – 122001
We look forward to hearing from you soon and serving you with our expertise and professionalism. Thank you for choosing Taxslim Venture as your trusted partner for all your GST needs.
Regards,
Ravi Kumar Saini
