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Time of Supply

07 February 2018

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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5 Replies

siva (Student CA Final ) (181 Points)
Replied 07 February 2018

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)

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siva (Student CA Final ) (181 Points)
Replied 07 February 2018

tos is earlier of date of payment or 61day of invoice issue

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I am Supriya (94 Points)
Replied 07 February 2018

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?