Relevance of Time of supply: Liable to pay tax shall arise on time of supply.
Time of supply in case of goods shall be the earlier of the following dates:
i) Date of issue of invoice or the last date on which invoice is required to be issued as per sec 31(1) with respect to supply.
ii) Date on which the supplier receive the payment with respect to supply.
Time of supply when tax is liable to pay under reverse charge mechanism shall be earliest of the following:
i) the date of the receipt of goods,
ii) earlier of; a) date of payment entered in books of account by recipient
b) the payment debited in his bank account
iii) the date immediately following 30 days from the date of invoice or any other document
We hope that this article has helped you to understand when GST shall be levied on supply of goods.
You can get in touch with us for more information for any GST related queries/issues or if you are looking for a CA in Bangalore.
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