PPT: Time of Supply | Taxation for CA Intermediate PDF Download

 Page 1


UNDER GST
(POINT IN TIME WHEN THE LIABILITY TO PAY TAX ARISES)
Page 2


UNDER GST
(POINT IN TIME WHEN THE LIABILITY TO PAY TAX ARISES)
TIME OF SUPPLY
? Time of supply means that point of time when goods/services are
considered to be supplied.
? Once the supply has been made, a supplier is required to discharge his
GST liability.
? Time of Supply helps to identify due date for payment of taxes i.e. the
point of taxation.
? Under the CGST Act, Section 12, 13 and 14 deals with the provisions
related to TIME OF SUPPLY.
Page 3


UNDER GST
(POINT IN TIME WHEN THE LIABILITY TO PAY TAX ARISES)
TIME OF SUPPLY
? Time of supply means that point of time when goods/services are
considered to be supplied.
? Once the supply has been made, a supplier is required to discharge his
GST liability.
? Time of Supply helps to identify due date for payment of taxes i.e. the
point of taxation.
? Under the CGST Act, Section 12, 13 and 14 deals with the provisions
related to TIME OF SUPPLY.
TIME OF SUPPLY
Time of Supply of Goods
(Section 12 of the CGST Act, 
2017)
Time of Supply of Services
(Section 13 of the CGST Act, 
2017)
Change in rate of tax in respect of supply of goods or 
services (Section 14 of the CGST Act, 2017)
PROVISIONS RELATED TO TIME OF SUPPLY
Page 4


UNDER GST
(POINT IN TIME WHEN THE LIABILITY TO PAY TAX ARISES)
TIME OF SUPPLY
? Time of supply means that point of time when goods/services are
considered to be supplied.
? Once the supply has been made, a supplier is required to discharge his
GST liability.
? Time of Supply helps to identify due date for payment of taxes i.e. the
point of taxation.
? Under the CGST Act, Section 12, 13 and 14 deals with the provisions
related to TIME OF SUPPLY.
TIME OF SUPPLY
Time of Supply of Goods
(Section 12 of the CGST Act, 
2017)
Time of Supply of Services
(Section 13 of the CGST Act, 
2017)
Change in rate of tax in respect of supply of goods or 
services (Section 14 of the CGST Act, 2017)
PROVISIONS RELATED TO TIME OF SUPPLY
TIME OF SUPPLY OF GOODS 
(SECTION 12 OF THE CGST ACT, 2017)
CLASSIFICATION OF SITUATIONS TO DETERMINE 
TIME OF SUPPLY OF GOODS U/S 12
SUPPLY OF GOODS 
UNDER FORWARD 
CHARGE
u/s 12 (2)
SUPPLY OF GOODS 
UNDER REVERSE 
CHARGE u/s 12 (3)
SUPPLY OF 
VOUCHERS THAT 
CAN BE USED TO PAY  
FOR GOODS u/s 12 
(4)
Residual cases u/s 
12(5)
an addition in 
the value of 
supply by way 
of interest, late 
fee or penalty 
for delayed 
payment of any 
consideration 
u/s 12 (6)
Page 5


UNDER GST
(POINT IN TIME WHEN THE LIABILITY TO PAY TAX ARISES)
TIME OF SUPPLY
? Time of supply means that point of time when goods/services are
considered to be supplied.
? Once the supply has been made, a supplier is required to discharge his
GST liability.
? Time of Supply helps to identify due date for payment of taxes i.e. the
point of taxation.
? Under the CGST Act, Section 12, 13 and 14 deals with the provisions
related to TIME OF SUPPLY.
TIME OF SUPPLY
Time of Supply of Goods
(Section 12 of the CGST Act, 
2017)
Time of Supply of Services
(Section 13 of the CGST Act, 
2017)
Change in rate of tax in respect of supply of goods or 
services (Section 14 of the CGST Act, 2017)
PROVISIONS RELATED TO TIME OF SUPPLY
TIME OF SUPPLY OF GOODS 
(SECTION 12 OF THE CGST ACT, 2017)
CLASSIFICATION OF SITUATIONS TO DETERMINE 
TIME OF SUPPLY OF GOODS U/S 12
SUPPLY OF GOODS 
UNDER FORWARD 
CHARGE
u/s 12 (2)
SUPPLY OF GOODS 
UNDER REVERSE 
CHARGE u/s 12 (3)
SUPPLY OF 
VOUCHERS THAT 
CAN BE USED TO PAY  
FOR GOODS u/s 12 
(4)
Residual cases u/s 
12(5)
an addition in 
the value of 
supply by way 
of interest, late 
fee or penalty 
for delayed 
payment of any 
consideration 
u/s 12 (6)
TIME OF SUPPLY OF GOODS UNDER FORWARD CHARGE
[Section 12(2) of the CGST Act, 2017]
? 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 31 of the CGST Act, 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.
** “The date on which the supplier receives the payment” shall be the date on
which the payment is recorded in his books of account or the date on which the
payment is credited to his bank account, whichever is earlier.