Time Of Supply VIS-A-VIS Change In GST-Rate Of Tax under GST

The time of supply, in cases where there is a change in the effective rate of tax in respect of goods and/or services, shall be determined in the following manner:

(a)        In case the taxable service has been provided before the change in effective rate of tax:

Scenario

Events Before
change in effective rate of tax

Events after
change in effective
rate of tax

Time of Supply

1.

Invoice issued Payment Received

All activities before change in rate of tax

Earlier of following:
• date of receipt of payment or
• date of issue of invoice

2.

Invoice issued

Payment Received

Date of issue of invoice

3.

Payment Received

Invoice issued

Date of receipt of payment

(b)       In the case of goods and services has been supplied after the change in effective rate of tax -

Scenario

Events Before
change in effective rate of tax

Events after change
in effective rate of
tax

Time of Supply

1.

Invoice issued

Payment Received

Date of receipt of payment

2.

Invoice issued Payment Received

Supply is done change in effective rate

Earlier of following:
• date of receipt of payment or
• date of issue of invoice

3.

Payment Received

Invoice issued

Date of issue of Invoice

 “The date of receipt of payment” shall be the date on which the payment is entered in the books of account of the supplier or the date on which the payment is credited to the bank account of supplier, whichever is earlier.

The date of receipt means the date of credit in the bank account when such credit in the bank account is after four working days from the date of change in rate of tax.
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Provisions To Determine Time Of Supply Of Goods under GST
Provisions To Determine Time Of Supply Of SERVICES under GST
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