Question

value of services rendered rs. 600000, date of issue of invoice is 3/3/19, advance received on 13/2/19 is rs. 150000 balance amount is received on 15/3/19. Ascertain time of supply​

Answer 1

Answer:

For the purpose of paying tax liability, point of taxation is required. Time of supply is nothing but, it is point of taxation. When the supplies have been made at that time, point of taxation has arisen. To find out that supplies have been made or not, we need to determine time of supply. Once time of supply occurred, a supplier is required to discharge his GST liability.

Need and Meaning of Time of Supply:

For the purpose of paying tax liability, point of taxation is required. Time of supply is nothing but, it is point of taxation. When the supplies have been made at that time, point of taxation has arisen. To find out that supplies have been made or not, we need to determine time of supply. Once time of supply occurred, a supplier is required to discharge his GST liability.

There are some general provision and some specific provision for determining time of supply. Time of supply is different for goods & services. If specific provision are applied to determine the time of supply then general provision are irrelevant.

Time of Supply:

To determine time of supply of Goods & Services, Four categories are provided as below:

1. Time of Supply of Goods & Services under Forward Charge.

2. Time of Supply of Goods & Services under Reverse Charge.

3. Time of Supply in case of Supply of Vouchers.

4. Residuary Clause.

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Answer 2

Answer:

rs 50000 rs s answer method afterwards