Time of supply of Goods & Services

Jasmeen Marwah | Last updated: 17 January 2021

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The time of supply is crucial as it determines when your liability to pay GST arises. For goods, it's generally the earlier of the invoice issue date, the last date to issue an invoice (tied to goods removal or delivery), or the date of payment receipt. However, advances received for goods may not attract GST. For services, it's typically the earlier of the invoice issue date, the date of service provision or payment, or when the recipient records the service receipt. Specific rules apply for reverse charge mechanisms and excess payments.

Time of supply means that time at which we consider our goods/services to be supplied. Once goods/services are considered supply GST shall be charged on them. Time of supply means date on which our liability arises to pay GST. Time of supply of Goods As per section 12 of CGST Act, time of supply of goods shall be earlier of the following: - Date of issue of invoice by supplier Last date of issue of invoice by supplier Date of receipt of payment to supplier Explanation to poi

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1999

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3499

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About the Author

Jasmeen Marwah

CS CA

Hello! I am a qualified chartered accountant and a company secretary. I am into CA Practice I am here to share my views in form of articles. Keep supporting and message me any suggestions Thank you.

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