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What is the time of supply for goods in the case of reverse charge basis?
- a)Date of receipt of goods
- b)Date of payment as entered in the books of accounts of the recipient
- c)Date of payment debited in the recipient's bank account
- d)Date immediately following thirty days from the date of the invoice
Correct answer is option 'D'. Can you explain this answer?
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What is the time of supply for goods in the case of reverse charge bas...
The correct answer is option 'D': Date immediately following thirty days from the date of the invoice.
The time of supply refers to the point in time when a transaction is deemed to have occurred for the purpose of determining the tax liability. In the case of reverse charge basis, where the recipient of goods or services is liable to pay the tax instead of the supplier, the time of supply for goods is determined differently than in the regular scenario.
The time of supply for goods under reverse charge basis is governed by Section 12(3) of the Central Goods and Services Tax (CGST) Act, 2017. According to this section, the time of supply for goods shall be the earliest of the following dates:
1. Date of receipt of goods: This refers to the date on which the recipient actually receives the goods. However, in the case of reverse charge, this is not applicable as the recipient is liable to pay the tax.
2. Date of payment as entered in the books of accounts of the recipient: This refers to the date on which the payment for the goods is entered in the books of accounts of the recipient. However, this is also not applicable in the case of reverse charge as the recipient may make the payment at a later date.
3. Date of payment debited in the recipient's bank account: This refers to the date on which the payment for the goods is debited in the recipient's bank account. However, this is not considered as the time of supply under reverse charge.
4. Date immediately following thirty days from the date of the invoice: This is the correct answer. In the case of reverse charge, the time of supply for goods is deemed to be the date immediately following thirty days from the date of the invoice issued by the supplier. This means that the recipient is required to pay the tax within thirty days from the date of the invoice.
This provision ensures that the recipient has sufficient time to arrange for the payment of tax and also allows for proper accounting and compliance procedures. By fixing the time of supply as the date following thirty days from the invoice date, it provides a clear and specific point for determining the tax liability under reverse charge for goods.
The time of supply refers to the point in time when a transaction is deemed to have occurred for the purpose of determining the tax liability. In the case of reverse charge basis, where the recipient of goods or services is liable to pay the tax instead of the supplier, the time of supply for goods is determined differently than in the regular scenario.
The time of supply for goods under reverse charge basis is governed by Section 12(3) of the Central Goods and Services Tax (CGST) Act, 2017. According to this section, the time of supply for goods shall be the earliest of the following dates:
1. Date of receipt of goods: This refers to the date on which the recipient actually receives the goods. However, in the case of reverse charge, this is not applicable as the recipient is liable to pay the tax.
2. Date of payment as entered in the books of accounts of the recipient: This refers to the date on which the payment for the goods is entered in the books of accounts of the recipient. However, this is also not applicable in the case of reverse charge as the recipient may make the payment at a later date.
3. Date of payment debited in the recipient's bank account: This refers to the date on which the payment for the goods is debited in the recipient's bank account. However, this is not considered as the time of supply under reverse charge.
4. Date immediately following thirty days from the date of the invoice: This is the correct answer. In the case of reverse charge, the time of supply for goods is deemed to be the date immediately following thirty days from the date of the invoice issued by the supplier. This means that the recipient is required to pay the tax within thirty days from the date of the invoice.
This provision ensures that the recipient has sufficient time to arrange for the payment of tax and also allows for proper accounting and compliance procedures. By fixing the time of supply as the date following thirty days from the invoice date, it provides a clear and specific point for determining the tax liability under reverse charge for goods.
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What is the time of supply for goods in the case of reverse charge bas...
In the case of goods on reverse charge basis, the time of supply is the earliest of the following dates: Date of receipt of goods or Date of payment as entered in the books of accounts of the recipient or Date on which payment is debited in the recipient's bank account or Date immediately following thirty days from the date of the invoice.
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What is the time of supply for goods in the case of reverse charge basis?a)Date of receipt of goodsb)Date of payment as entered in the books of accounts of the recipientc)Date of payment debited in the recipient's bank accountd)Date immediately following thirty days from the date of the invoiceCorrect answer is option 'D'. Can you explain this answer?
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What is the time of supply for goods in the case of reverse charge basis?a)Date of receipt of goodsb)Date of payment as entered in the books of accounts of the recipientc)Date of payment debited in the recipient's bank accountd)Date immediately following thirty days from the date of the invoiceCorrect answer is option 'D'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What is the time of supply for goods in the case of reverse charge basis?a)Date of receipt of goodsb)Date of payment as entered in the books of accounts of the recipientc)Date of payment debited in the recipient's bank accountd)Date immediately following thirty days from the date of the invoiceCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the time of supply for goods in the case of reverse charge basis?a)Date of receipt of goodsb)Date of payment as entered in the books of accounts of the recipientc)Date of payment debited in the recipient's bank accountd)Date immediately following thirty days from the date of the invoiceCorrect answer is option 'D'. Can you explain this answer?.
What is the time of supply for goods in the case of reverse charge basis?a)Date of receipt of goodsb)Date of payment as entered in the books of accounts of the recipientc)Date of payment debited in the recipient's bank accountd)Date immediately following thirty days from the date of the invoiceCorrect answer is option 'D'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What is the time of supply for goods in the case of reverse charge basis?a)Date of receipt of goodsb)Date of payment as entered in the books of accounts of the recipientc)Date of payment debited in the recipient's bank accountd)Date immediately following thirty days from the date of the invoiceCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the time of supply for goods in the case of reverse charge basis?a)Date of receipt of goodsb)Date of payment as entered in the books of accounts of the recipientc)Date of payment debited in the recipient's bank accountd)Date immediately following thirty days from the date of the invoiceCorrect answer is option 'D'. Can you explain this answer?.
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What is the time of supply for goods in the case of reverse charge basis?a)Date of receipt of goodsb)Date of payment as entered in the books of accounts of the recipientc)Date of payment debited in the recipient's bank accountd)Date immediately following thirty days from the date of the invoiceCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for What is the time of supply for goods in the case of reverse charge basis?a)Date of receipt of goodsb)Date of payment as entered in the books of accounts of the recipientc)Date of payment debited in the recipient's bank accountd)Date immediately following thirty days from the date of the invoiceCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of What is the time of supply for goods in the case of reverse charge basis?a)Date of receipt of goodsb)Date of payment as entered in the books of accounts of the recipientc)Date of payment debited in the recipient's bank accountd)Date immediately following thirty days from the date of the invoiceCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
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