GST Yathra- 18- Time of Supply of Goods

Section 12- Time Of Supply Of Goods

Sub-section 2- Forward charge cases

1. The time of supply of goods shall be the earlier of the following dates:

a) Date of issue of invoice by the supplier or the last date for issuance of the invoice as per Section 31

b) Date of receipt of payment

1. However, where the supplier receives an amount up to one thousand rupees in excess of the amount indicated in the invoice, to the extent of such payment the time of supply shall be the date of issue of invoice at the option of the said supplier.
2. The Date of receipt of payment shall be the

a) date on which the payment is entered in his books of account or
 

b) date on which the payment is credited to his bank account, whichever is earlier

Sub-section 3- Reverse charge cases

1. Time of supply shall be the earliest of the following dates:

a) date of the receipt of the goods or

b) date of payment as entered in the books of account of the recipient or the date on which the payment is debited in his bank account, whichever is earlier or

c) date immediately following thirty days from the date of issue of invoice or any other document, by whatever name called, in lieu thereof by the supplier

      2. Where it is not possible to determine the time of supply as above, the time of supply shall be the date of entry in the books of account of the recipient of supply

Sub-section 4- Where goods are obtained through redeeming a voucher

1. Date of issue of voucher, if the supply is identifiable at that point
2. The date of redemption of voucher, in all other cases.

Sub-section 5- Other cases

In a case where a periodical return has to be filed

The date on which such return is to filed.

In other cases

The date on which the tax is paid

Sub-section 6- In relation to an addition in the value of supply by way of interest, late fee or penalty for delayed payment

Date on which the supplier receives such addition in value.

Section 31- Date of issuance of invoice

1. Invoice shall be issued:

In case of supply involves movement of goods

Before or at the time of the removal of goods

In any other case

Before or at the time of making available the goods

2. Invoice shall mention the description, quantity and value of goods, the tax charged thereon and such other particulars as may be prescribed
3. In case of continuous supply of goods, where successive statements of accounts or successive payments are involved, the invoice shall be issued before or at the time each such statement is issued or each such payment is received.
4. Notwithstanding anything contained in sub-section (1), where the goods being sent or taken on approval for sale or return are removed before the supply takes place, the invoice shall be issued before or at the time of supply or six months from the date of removal, whichever is earlier.