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time of supply

09 October 2018

when a supplier receved advance money from recepient for outward supply of goods what is time of supply u/s 12 of CGST ACT ?

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3 Replies

CA Sunil Kumar (Chartered Accountant) (4514 Points)
Replied 09 October 2018

For supply of Goods
For the supply of goods advance received is not subject to GST. The entire amount will be taxed on the issue of the invoice (w.e.f. 15th November 2017).

For supply of service
if the advance is received before the issue of the invoice the time of supply would be the date of receipt of advance.

Rakesh Joshi (CA Final) (1272 Points)
Replied 09 October 2018

As per Section 12 in case of advance or part payment is received then Time of Supply in case of supply of goods is restricted to the extent of advance received.