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GST PPT - 7.pptx
1.
2.
3. Under GST, time of supply is as important as
supply and place of supply.
There are separate rules and provisions
related to time of supply.
4. Under GST, liability to remit Goods and
Services Tax to Government arises at the time
of supply.
Point of taxation means the point in time
when goods have been deemed to be
supplied or services have been deemed to be
provided.
5. The point of taxation enables us to determine
the rate of tax, value and due dates for
payment of taxes.
In order to calculate and discharge tax
liability it is important to know the date on
which the charging event has occurred and
tax liability arises.
6. To ensure the actual supply of goods and
services
To ensure taxable event
To ensure the eligibility of supplier for tax
collection
7. To ensure the rate of tax
To ensure the compliance of Act
To decide the payable date of tax
To ensure the payment of tax on the payable
date
8. Determination of Time of Supply of Goods
under normal situation
Determination of Time of Supply of Services
under normal situation
Determination of Time of Supply under
Reverse Charge Mechanism
9. Time of Supply of Goods is the earlier of the
following:
1. The date of issue of invoice by the supplier
2. The last date on which the supplier is
required to issue the invoice with respect to
the such supply
10. 3. The date on which the supplier receives the
payment/advance with respect to the such
supply.
11. The time of supply of services shall be the
earliest of the following dates:
1. The date of issue of invoice by the supplier
2. The date of provision of service, if the
invoice is not issued within the period
prescribed
12. The date on which the recipient shows the
receipt of services in his books of account.
13. Normally, the supplier of goods or services
pays the tax on supply.
In the case of Reverse Charge, the recipient of
goods and services becomes liable to pay the
tax, i.e., the chargeability gets reversed.
14. If a vendor, who is not registered under GST,
supplies goods to a person who is registered
under GST, the Reverse Charge will apply.
15. In case of Reverse Charge time of supply
shall be the earliest of the following dates:
1. The date of the receipt of goods or
services
2. the date of payment as entered in the
books of account of the recipient
16. 3. the date immediately following thirty days
from the issue of invoice or any other
document, by whatever name called, by the
supplier.
