Jasmeen Marwah
Quick Summary
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 supp
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FAQ :
The time of supply is the point at which goods or services are considered supplied, and GST liability arises for payment.
For goods, it's the earliest of the invoice issue date, the last date to issue an invoice (which is on or before removal or delivery), or the date of payment receipt.
According to Notification no. 66/2017-Central Tax, GST is not payable on advance payments received in relation to the supply of goods.
For services, it's the earliest of the invoice issue date, the date of service provision or payment, or the date the recipient records the receipt of services in their books.
For reverse charge on services, it's the earliest of the date payment is entered in the recipient's books or debited from their bank, or 60 days after the invoice issue date.
If a supplier receives up to £1000 more than the invoiced amount, they have the option to consider the time of supply for the excess amount as either the invoice issue date or the date of the next supply.
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