EXAMPLE-51
In
the following cases determine the point of taxation (time of supply) and due
date of return and self assessed tax of GST.
|
S.NO |
Date
of Removal of goods |
Date
of Invoice |
Date
of Payment is received |
|
1 |
03.07.2017 |
29.06.2017 |
15.07.2017 |
|
2 |
03.07.2017 |
02.07.2017 |
29.06.2017 |
|
3 |
03.07.2017 |
05.07.2017 |
05.07.2017 |
|
4 |
03.07.2017 |
03.07.2017 |
29.06.2017
(Entry in books on receipt of cheque) and credited on
04.07.2017 |
|
5 |
03.07.2017 |
02.07.2017 |
29.06.2017
(Part payment) and 03.07.2017 (remaining) |
Answer
As
per section 12(2) time of supply of goods shall be the earliest of the following
dates:-
(a)
Date of issue of
invoice
(b)
Last date on which
invoice required to be issued
(c)
Date on which
suppliers receive payment
In view of the above provision
time of supply of goods in above cases will be the following;
|
S.NO |
Date
of Removal of goods |
Date
of Invoice |
Date
of Payment is received |
Time
of Supply (Section 12) |
Relevant
event (under section 12) Earlier
Event |
|
1 |
03.07.2017 |
29.06.2017 |
15.07.2017 |
29.06.2017 |
Date
of Invoice |
|
2 |
03.07.2017 |
02.07.2017 |
29.06.2017 |
29.06.2017 |
Date
of Payment is received |
|
3 |
03.07.2017 |
05.07.2017 |
05.07.2017 |
03.07.2017 |
Last
date of issue of invoice u/s 31(1) |
|
4 |
03.07.2017 |
03.07.2017 |
29.06.2017
(Entry in books on receipt of cheque) and
credited on 04.07.2017 |
29.06.2017 |
Date
of payment is received (earlier of entry in books or credited in account) |
|
5 |
03.07.2017 |
02.07.2017 |
29.06.2017
(Part payment) and 03.07.2017 (remaining) |
29.06.2017
(for Part payment) 02.07.2017(for
balance) |
Part
payment (on payment basis) Balance
(earlier is invoice) |
Note:
If the amount of advance has been received on or after 15.11.2017 then the time
of supply of goods in respect of such amount shall be date of issue of invoice
Vide Notification No.66/2017-Central tax dt.15/11/2017.
So as per the above notification if the supplier receives advance in respect of
supply of goods to be made in future,such sum shall be taxable for the month in
which invoice relating to such amount will be issued or the last date of issue
of invoice whichever is earlier,such notification is applicable from 15.11.2017
i.e advance received on or after 15.11.2017.