If a service is received from USA (import) for $100 (at Ex rate:64 i.e. Rs.6,400) on 20-7-2017.
A part payment is for $90 (at Ex rate:63 i.e. Rs.5,670) is made on 18-8-2017 and exchange gain earned is Rs.90.
For remaining $10 the payment is not made till 7-2-2018
GST has to be paid on RCM basis.What will be the time of Supply?
For $90 i.e. payment made on 18-8-2017 the T.O.S is 18-8-2017
and for $10 the T.O.S is 19-9-2017
Is it right?
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Time of Supply
Replies (5)
supply date or (invoice date or payment date- which ever earlier) is the time of supply. value based on time of supply. means invoice or payment. include exchange gain(nothing important if payment is earlier)
tos is earlier of date of payment or 61day of invoice issue
It is a case of RCM on inward Supply of service
In such a case T.O.S is earlier of date of payment or 60 days from the day immediately after the date of receipt of Invoice.
So for $90 the T.O.S is date of payment(18-8-2017) and for $10 T.O.S is 60days from the date of receipt of Invoice (19-9-2017)
Is it right?
In such a case T.O.S is earlier of date of payment or 60 days from the day immediately after the date of receipt of Invoice.
So for $90 the T.O.S is date of payment(18-8-2017) and for $10 T.O.S is 60days from the date of receipt of Invoice (19-9-2017)
Is it right?
right if split in invoice
thank you
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