- Time of supply is crucial for determining when to pay tax and file GST returns
- Section 14 of GST Act provides provisions for time of supply for goods and services
- For goods, time of supply is earliest of invoice issue, payment receipt, or last date for invoice issue
- For services, time of supply is earliest of invoice issue, payment receipt, or date of supply if no invoice
- Tax rate changes impact time of supply, depending on when goods/services were supplied and when payment was made
- Date of receipt of payment is considered as the date of credit in the bank account, after four working days
Source: taxscan.in
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
