{"id":125,"date":"2018-08-21T09:15:50","date_gmt":"2018-08-21T09:15:50","guid":{"rendered":"http:\/\/khannaandassociates.com\/blog\/?p=125"},"modified":"2018-09-03T08:01:34","modified_gmt":"2018-09-03T08:01:34","slug":"section-12-time-of-supply-of-goods-of-cgst-act-2017","status":"publish","type":"post","link":"https:\/\/khannaandassociates.com\/blog\/section-12-time-of-supply-of-goods-of-cgst-act-2017\/","title":{"rendered":"Section 12 – Time of supply of goods of CGST ACT, 2017"},"content":{"rendered":"

Section 12 – Time of supply of goods of CGST ACT, 2017<\/p>\n

    \n
  1. (1) The liability to pay tax on goods shall arise at the time of supply, as determined
    \nin accordance with the provisions of this section.
    \n(2) The time of supply of goods shall be the earlier of the following dates, namely:\u2014
    \n(a) the date of issue of invoice by the supplier or the last date on which he is
    \nrequired, under sub-section (1) of section 31, to issue the invoice with respect to the
    \nsupply; or
    \n(b) the date on which the supplier receives the payment with respect to the
    \nsupply:
    \nProvided that where the supplier of taxable goods receives an amount up to one
    \nthousand rupees in excess of the amount indicated in the tax invoice, the time of
    \nsupply to the extent of such excess amount shall, at the option of the said supplier, be
    \nthe date of issue of invoice in respect of such excess amount.<\/li>\n<\/ol>\n

    Explanation 1.\u2013\u2013For the purposes of clauses (a) and (b), \u201csupply\u201d shall be
    \ndeemed to have been made to the extent it is covered by the invoice or, as the case may
    \nbe, the payment.
    \nExplanation 2.\u2013\u2013For the purposes of clause (b), \u201cthe date on which the supplier
    \nreceives the payment\u201d shall be the date on which the payment is entered in his books
    \nof account or the date on which the payment is credited to his bank account, whichever
    \nis earlier.
    \n(3) In case of supplies in respect of which tax is paid or liable to be paid on reverse
    \ncharge basis, the time of supply shall be the earliest of the following dates, namely:\u2014
    \n(a) the date of the receipt of goods; or
    \n(b) the date of payment as entered in the books of account of the recipient or the
    \ndate on which the payment is debited in his bank account, whichever is earlier; or
    \n(c) the date immediately following thirty days from the date of issue of invoice or
    \nany other document, by whatever name called, in lieu thereof by the supplier:
    \nProvided that where it is not possible to determine the time of supply under<\/p>\n

    clause (a) or clause (b) or clause (c), the time of supply shall be the date of entry in the
    \nbooks of account of the recipient of supply.
    \n(4) In case of supply of vouchers by a supplier, the time of supply shall be\u2014
    \n(a) the date of issue of voucher, if the supply is identifiable at that point; or
    \n(b) the date of redemption of voucher, in all other cases.
    \n(5) Where it is not possible to determine the time of supply under the provisions of
    \nsub-section (2) or sub-section (3) or sub-section (4), the time of supply shall\u2013\u2013
    \n(a) in a case where a periodical return has to be filed, be the date on which such
    \nreturn is to be filed; or
    \n(b) in any other case, be the date on which the tax is paid.
    \n(6) The time of supply to the extent it relates to an addition in the value of supply by
    \nway of interest, late fee or penalty for delayed payment of any consideration shall be the date
    \non which the supplier receives such addition in value<\/p>\n

     <\/p>\n

    \u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

    Section 12 – Time of supply of goods of CGST ACT, 2017 (1) The liability to pay tax on goods shall arise at the time of supply, as determined in accordance with the provisions of this section. (2) The time of supply of goods shall be the earlier of the following dates, namely:\u2014 (a) the … Continue reading “Section 12 – Time of supply of goods of CGST ACT, 2017”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"_links":{"self":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/125"}],"collection":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/comments?post=125"}],"version-history":[{"count":1,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/125\/revisions"}],"predecessor-version":[{"id":126,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/125\/revisions\/126"}],"wp:attachment":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/media?parent=125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/categories?post=125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/tags?post=125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}