Section-12. Time of supply of goods
(1) The liability to pay CGST / SGST
on the goods shall arise at the time of supply as
determined in terms of the provisions
of this section.
(2) The time of supply of goods shall
be the earlier of the following dates, namely,-
(a) the date of issue of invoice by
the supplier or the last date on which he is
required, under section 28, to issue
the invoice with respect to the supply; or
(b) the date on which the supplier
receives the payment with respect to the supply:
PROVIDED that where the supplier of
taxable goods receives an amount up to
one thousand rupees in excess of the
amount indicated in the tax invoice, the
time of supply to the extent of such
excess shall, at the option of the said
supplier, be the date of issue of
invoice.
Explanation 1.- For the purposes of clauses (a) and (b), the supply
shall be
deemed to have been made to the
extent it is covered by the invoice or, as the
case may be, the payment.
Explanation 2.- For the purpose of clause (b), “the date on which the
supplier
receives the payment” shall be the
date on which the payment is entered in his
books of accounts or the date on
which the payment is credited to his bank
account, whichever is earlier.
(3) In case of supplies in respect of
which tax is paid or liable to be paid on reverse
charge basis, the time of supply
shall be the earliest of the following dates,
namely—
(a) the date of the receipt of goods,
or
(b) the date on which the payment is
made, or
(c) the date immediately following
thirty days from the date of issue of invoice by the supplier:
PROVIDED that where it is not
possible to determine the time of supply under
clause (a), (b) or (c), the time of
supply shall be the date of entry in the books of
account of the recipient of supply.
Explanation.- For the purpose of clause (b), “the date on which the
payment is
made” shall be the date on which the
payment is entered in the books of
accounts of the recipient or the date
on which the payment is debited in his bank
account, whichever is earlier.
(4) In case of supply of vouchers, by
whatever name called, by a supplier, the time
of supply shall be-
(a) the date of issue of voucher, if
the supply is identifiable at that point; or
(b) the date of redemption of
voucher, in all other cases;
(5) In case it is not possible to
determine the time of supply under the provisions of
sub-section (2), (3) or (4) the time
of supply shall
(a) in a case where a periodical
return has to be filed, be the date on which such
return is to be filed, or
(b) in any other case, be the date on which the
CGST/SGST is paid.
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