Section-14. Change in rate of tax in respect of supply of goods or services
Notwithstanding anything contained in
section 12 or section 13, the time of
supply, in cases where there is a
change in the rate of tax in respect of goods or
services, shall be determined in the
following manner, namely:-
(a) in case the goods or services
have been supplied before the change in rate of tax–
(i) where the invoice for the same
has been issued and the payment is
also received after the change in
rate of tax, the time of supply shall
be the date of receipt of payment or
the date of issue of invoice,
whichever is earlier; or
(ii) where the invoice has been
issued prior to change in rate of tax but
the payment is received after the
change in rate of tax, the time of
supply shall be the date of issue of
invoice; or
(iii) where the payment is received
before the change in rate of tax, but
the invoice for the same has been
issued after the change in rate of
tax, the time of supply shall be the
date of receipt of payment;
(b) in case the goods or services
have been supplied after the change in rate of tax -
(i) where the payment is received
after the change in rate of tax but the
invoice has been issued prior to the
change in rate of tax, the time of
supply shall be the date of receipt
of payment; or
(ii) where the invoice has been
issued and the payment is received before
the change in rate of tax, the time
of supply shall be the date of
receipt of payment or date of issue
of invoice, whichever is earlier; or
(iii) where the invoice has been
issued after the change in rate of tax but
the payment is received before the
change in rate of tax, the time of
supply shall be the date of issue of
invoice:
PROVIDED that the date of receipt of
payment shall be the date of credit in the
bank account when such credit in the
bank account is after four working days
from the date of change in the rate
of tax.
Explanation.- For the purpose of this section, “the date of receipt
of payment”
shall be the date on which the
payment is entered in the books of accounts of the
supplier or the date on which the
payment is credited to his bank account,
whichever is earlier: