Time Of Supply Flashcards
1
Q
What does GST stand for?
A
Goods and Services Tax
2
Q
What does the term ‘time of supply’ refer to?
A
The point in time when the liability to pay tax arises
3
Q
When does the liability to pay GST arise under forward charge?
A
On supply of goods or services
4
Q
When does the liability to pay GST arise under reverse charge?
A
On supply of goods or services received
5
Q
What is the time of supply for vouchers exchangeable for goods and services?
A
Date of issue of voucher or date of redemption
6
Q
What is the due date for payment of GST if the time of supply is 25th May?
A
Latest by 20th June
7
Q
What sections of the CGST Act provide provisions for time of supply for goods and services?
A
Sections 12 and 13
8
Q
What does Section 14 of the CGST Act address?
A
Method of determining time of supply in case of change in GST rate
9
Q
What is the significance of issuing invoices in determining time of supply?
A
It serves as a reference point for tax liability
10
Q
What is the meaning of ‘reverse charge’?
A
Liability to pay tax by the recipient instead of the supplier
11
Q
What is the definition of ‘goods’ under the CGST Act?
A
Every kind of movable property excluding money and securities
12
Q
What constitutes ‘services’ according to the CGST Act?
A
Anything other than goods, money, and securities
13
Q
What does ‘recipient’ mean in the context of goods and services supply?
A
The person liable to pay consideration or receiving goods/services
14
Q
Fill in the blank: The ‘time of supply’ for goods under forward charge is the earlier of the date of issue of _______ or the date of receipt of payment.
A
invoice
15
Q
What is the time of supply if the supplier receives an amount up to one thousand rupees in excess of the amount indicated in the tax invoice?
A
Date of issue of invoice for the excess amount
16
Q
In reverse charge cases, what date is considered if the payment is debited in the bank account?
A
Date of payment or date of receipt of goods, whichever is earlier
17
Q
What happens if it is not possible to determine the time of supply under specified provisions?
A
It will be the date when the tax is paid
18
Q
What is the time of supply for an addition in value by way of interest, late fee, or penalty?
A
Date on which the supplier receives such addition in value
19
Q
What does the term ‘voucher’ mean under the CGST Act?
A
An instrument obligating acceptance as consideration for supply
20
Q
What are the key situations for determining time of supply according to Section 12?
A
- Supply of goods under forward charge
- Supply of goods under reverse charge
- Supply of vouchers
- Residual cases
- Addition to value of supply
21
Q
True or False: The time of supply for continuous supply of goods is based on the issuance of statement of accounts.
A
True
22
Q
What is the time of supply of goods that are taxable under forward charge?
A
The earlier of the following two dates:
* Date of issue of invoice by the supplier or the last date on which the invoice ought to have been issued
* Date of receipt of payment by the supplier
23
Q
Is tax payable at the time of receipt of advance for supply of goods?
A
No, tax is not payable at the time of receipt of advance for supply of goods.
24
Q
What does Notification No. 66/2017 CT specify regarding GST payment timing?
A
Registered persons (excluding composition suppliers and those making specified actionable claims) should pay GST at the time of supply as specified in section 12(2)(a).
25
What is the significance of the term 'Date of receipt of payment'?
It refers to the date on which the payment is recorded in the supplier's books or credited to their bank account, whichever is earlier.
26
In case of partial payment or invoice, how is the time of supply determined?
The time of supply will only cover the extent of the invoice or part advance payment.
27
What happens if a supplier issues an invoice for only part of the goods supplied?
The supply is deemed to have been made only for the quantity covered by the invoice.
28
When must an invoice be issued under section 31 for goods?
Either before or at the time of removal of goods or delivery to the recipient.
29
What is the definition of 'continuous supply of goods'?
A supply of goods provided continuously or on a recurring basis under a contract, with regular invoicing.
30
What are the time limits for issuing invoices for goods sent on approval for sale?
Invoices must be issued before or at the time of supply or within 6 months from the date of removal, whichever is earlier.
31
What is the time of supply when goods are sold and the invoice is issued after the goods are received?
The time of supply is the date of invoice issuance.
32
What is the time of supply of goods under reverse charge?
The earliest of the following dates:
* Date on which the goods are received
* Date on which payment is recorded in the recipient's books
* Date immediately following 30 days from the date of invoice issuance
33
What happens if neither the date of invoice nor the date of payment is available?
The time of supply will be determined based on the date of entry of goods in the recipient's books.
34
What is the time of supply for vouchers exchangeable for goods?
The date of issue of the voucher if the supply is identifiable, otherwise the date of redemption.
35
What is the time of supply in residual cases?
The due date for filing the periodical return or the date on which GST is paid.
36
How is the time of supply determined for delayed payment penalties?
The interest/late fee/penalty is included in the value of taxable supply.
37
Fill in the blank: The time of supply for goods under forward charge is the date of issue of invoice or the last date on which the invoice ought to have been issued under _______.
section 31.
38
True or False: The relief of not paying GST at the time of receipt of advance is available for both goods and services.
False.
39
What is the time of supply when payment is recorded after the receipt of goods under reverse charge?
The time of supply is the date of receipt of goods.
40
What is the time of supply for excess payment up to ₹1000?
The supplier can choose the date of invoice issued for the excess amount as the time of supply.
41
What is the date on which GST is paid?
PLY IS THE DATE ON WHICH GST IS PAID
42
What does Section 12(6) prescribe regarding time of supply?
Time of supply in case of addition in value on account of interest/late fee/penalty is the date on which the supplier receives such addition in value
43
In the example provided, what is the time of supply for the goods sold?
The date of issue of invoice, i.e. 6th June
44
In the example provided, what is the time of supply for addition in value by way of interest?
The date when such addition in value is received by A Ltd., i.e. 6th July
45
What are the key events to determine the time of supply of goods under reverse charge?
Date of receipt of goods, date of recording the payment, date payment is debited from bank account, whichever is earlier
46
What is the time of supply if the above events are unascertainable?
Date of entry of goods in books of account of recipient
47
What is the time of supply for vouchers exchangeable for goods?
Date of issue of voucher, if the supply is identifiable at that point
48
What is the time of supply for addition in value by way of interest, late fee, or penalty?
The date on which the supplier receives such addition in value
49
What are the earliest dates for time of supply of services as per Section 13(2)?
Date of issue of invoice, date of provision of service, date of receipt of services in books of account
50
What does the term 'date of receipt of payment' refer to?
The date on which the payment is entered in the books of account or credited to the bank account, whichever is earlier
51
What is the time of supply for services taxable under forward charge?
The earlier of the date of issue of invoice or date of receipt of payment
52
What is the time limit for issuing a tax invoice for supply of services?
Within thirty days from the date of supply of service
53
What is the extended time limit for certain financial institutions to issue a tax invoice?
Forty-five days from the date of supply of service
54
What is required for continuous supply of services regarding invoice issuance?
Invoice should be issued on or before due date of payment or before receipt of payment
55
What happens if the supply of services ceases before completion?
Invoice should be issued at the time when the supply ceases for the extent of supply made
56
How is the time of supply determined under the Hybrid Annuity Mode (HAM) model?
The payment terms for construction and operation & maintenance are provided in the agreement
57
What is the significance of 'to the extent the payment covers the services'?
It means the supply shall be deemed to have been made only to the extent covered by the invoice or payment
58
What is a HAM contract?
A HAM contract is a single contract for construction as well as operation and maintenance of the highway.
59
How are payments structured in a HAM contract?
Payments are made spread over the contract period in installments after specified periods or on completion of an event.
60
What does section 2(33) of the CGST Act, 2017 define?
'Continuous supply of services' as a service that is provided continuously over a period.
61
What is the time of supply of services under a HAM contract if the invoice is issued on or before the specified date?
The earlier of the date of issuance of such invoice or the date of receipt of payment.
62
What happens if the invoice is not issued on or before the specified date in a HAM contract?
The time of supply is the earlier of the date of provision of the service or the date of receipt of payment.
63
How is the date of provision of service determined in continuous supply of services?
It may be deemed as the due date of payment as per the contract.
64
What is included in the taxable value for the purpose of payment of tax on annuity/installment?
The amount of interest component included in the installments/annuity payable by NHAI.
65
What is the time of supply of services if the invoice is issued within 30 days from the date of service?
The date of issuance of invoice.
66
What is the time of supply if the invoice is issued after 30 days from the provision of service?
The date of provision of service.
67
What option does a supplier have for excess payment up to ₹1000?
The supplier can choose to take the date of invoice issued with respect to such excess amount as the time of supply.
68
What is the time of supply for services taxable under reverse charge?
The earlier of the date of payment or the date immediately following 60 days from the date of issue of invoice.
69
What does 'date of payment' refer to in the context of reverse charge?
The date on which the payment is recorded in the books of account of the recipient or debited from their bank account.
70
What is the time of supply for spectrum allocation services?
GST is payable when the upfront amount is made or due, whichever is earlier.
71
How is the time of supply determined for deferred payments in continuous supply of services?
It is determined as the due date of payment ascertainable from the contract.
72
What is the time of supply for services imported from associated enterprises located outside India?
The date of payment for the service or the date of entry of the service in the books of account, whichever is earlier.
73
When is the time of supply of vouchers exchangeable for services determined?
The date of issue of the voucher if the supply is identifiable or the date of redemption in other cases.
74
What happens if the situation is not covered by any provisions regarding time of supply?
The time of supply is fixed as the date periodical return is required to be filed or the date on which GST is paid.
75
What is the time of supply in case of addition in value due to interest or late fees?
The date on which the supplier receives such addition in value.
76
What is the time of supply for services under forward charge when the invoice is issued within the time specified?
Date of issue of tax invoice
## Footnote
This refers to the specific date when the tax invoice is issued according to section 31.
77
What determines the time of supply when the invoice is not issued within the specified time?
Date of entry of services in books of account of the recipient of supply
## Footnote
This applies when the invoice is not issued timely.
78
In residual cases, how is the time of supply determined?
Due date of such return or date on which tax is paid
## Footnote
This applies when specific events do not clarify the time of supply.
79
What is the significance of the date of receipt of payment?
Date on which the payment is entered in the books of account of the supplier or credited to his bank account, whichever is earlier
## Footnote
This is crucial for determining the time of supply.
80
How is the time of supply affected by a change in the rate of tax regarding goods or services supplied before the change?
Date of receipt of payment or date of issue of invoice, whichever is earlier
## Footnote
This applies if the invoice is issued and payment received after the change.
81
What happens if payment is received before the change in the rate of tax, but the invoice is issued after?
Date of receipt of payment
## Footnote
This situation confirms the time of supply based on the payment receipt date.
82
What is the time of supply if the invoice is issued after the change in rate of tax but payment is received before?
Date of issue of invoice
## Footnote
This occurs when the invoice is issued post-change but payment was made prior.
83
What are the three markers for identifying time of supply?
* Actual supply
* Invoice
* Payment
## Footnote
These markers can occur in various sequences, influencing the time of supply.
84
What is the time limit for raising invoices for supply of goods?
Before or at the time of removal of goods or delivery to the recipient
## Footnote
This is outlined in section 31(1).
85
What is the time limit for raising invoices for supply of services?
Before or after provision of service but within 30 days
## Footnote
This is extended to 45 days for insurance companies and financial institutions.
86
What is the time of supply for goods and services in residual cases?
Due date of filing such return or date of payment of tax
## Footnote
This applies when other provisions do not clarify the time of supply.
87
How is the time of supply for addition in value by way of interest or penalties determined?
Date on which the supplier receives such addition in value
## Footnote
This includes interest, late fees, or penalties for delayed payments.
88
What triggers the application of the new rate of tax during a change?
If any two of the events (supply, invoice, payment) occur after the change in rate
## Footnote
This establishes which tax rate applies based on timing.
89
What is the time of supply for vouchers exchangeable for goods or services identifiable at the time of issue?
Date of issue of the voucher
## Footnote
This is specific to vouchers that are identifiable at issuance.
90
What is the time of supply for vouchers that are not identifiable at the time of issue?
Date of redemption of the voucher
## Footnote
This applies when the specific goods or services are determined at the time of redemption.
91
What is the time of supply for import of service from an associated enterprise?
Date of entry in the books of account of the recipient or the date of payment, whichever is earlier
## Footnote
This applies to the accounting treatment of imported services.
92
What are the provisions relating to the time of supply for addition in value by way of interest or late fees?
They are the same for goods and services.
93
What is the significance of the phrase 'to the extent the invoice or payment covers the supply'?
It is the same for goods and services.
94
When is the time of supply of goods determined according to section 12(2)?
The earlier of the date of issue of invoice or date of receipt of payment.
95
What does Notification No. 66/2017 CT specify regarding the time of supply for registered persons?
They must pay GST on the outward supply of goods at the time of supply as specified in section 12(2)(a).
96
According to section 31(1), when should an invoice for the supply of goods be issued?
Before or at the time of removal of goods for supply to the recipient.
97
In the case of Kanchenjunga Pvt. Ltd., what is the time of supply for the goods provided to Sutlej Pvt. Ltd.?
23rd June, being the last date on which the invoice ought to have been issued.
98
Is the store correct in issuing a supplementary invoice with a revised rate of tax after payment is made?
No, the revised rate of tax is not applicable as the transaction occurred before the change.
99
For the online portal Best Info, what is the time of supply of the service provided to Roy & Bansal Ltd.?
21st February, earlier of the date of issuance of invoice or date of receipt of payment.
100
What is the time of supply for continuous supply of services according to section 13?
The earlier of the date of invoice or date of receipt of payment.
101
In the contract between Trust Industries Ltd. and VST Ltd., what is the time of supply for the goods based on the statement of accounts?
August 5, September 5, and October 3 for the respective payments.
102
What is the time of supply for the construction services provided by Renudhoot Ltd.?
Depends on the completion stages: 02.07.2023, 15.03.2024, 20.06.2024, and 20.09.2024.
103
How is the time of supply determined for services provided by Green Inc. to Mint Industries Ltd.?
The earlier of date of payment or date immediately following 60 days from the invoice date.
104
In Case I for Mint Industries Ltd., what is the time of supply?
22nd September, as payment was made within 60 days.
105
In Case II for Mint Industries Ltd., what is the time of supply?
18th October, as payment was made after 60 days.
106
What constitutes associated enterprises according to section 92A?
Entities where one holds 51% or more shares of the other.
107
Fill in the blank: The time of supply for goods is the earlier of the date of issue of invoice or _______.
date of receipt of payment.
108
What should happen if an invoice is not issued within the time prescribed under section 31?
The time of supply is the earlier of date of provision of service or date of receipt of payment.
109
What is the time of supply if Ltd makes the payment within 60 days of the invoice date?
Date of payment
## Footnote
Example: 22nd September
110
What is the time of supply if Mint Ltd. makes the payment after 60 days from the invoice date?
61st day following the invoice date
## Footnote
Example: 18th October
111
What defines Kothari Ltd. and Wilson Inc. as 'associated enterprises'?
Kothari Ltd. holds 51% shares of Wilson Inc.
## Footnote
Reference: Section 92A of the Income-tax Act, 1961
112
In the case of supply by associated enterprises, what are the two potential dates for determining the time of supply?
* Date of entry in the books of account of the recipient
* Date of payment by the recipient
113
What is the time of supply for Kothari Ltd. in the given scenario?
30th September
## Footnote
Comparison of two dates: 30th September vs. 23rd December
114
According to section 14, how is the date of receipt of payment defined?
Date payment is entered in the supplier's books or credited to bank account, whichever is earlier.
115
If the credit to the bank account happens after 4 working days from a change in tax rate, what is the date of receipt of payment?
Date of credit in the bank account
## Footnote
Need to be after 4 working days from the tax rate change
116
What is the time of supply if services are supplied before a change in tax rate and payment is received before that change?
Date of receipt of payment
## Footnote
Reference: Section 14(a)(iii)
117
What constitutes a principal supply in the context of printing services?
Supply of printing of content supplied by the recipient.
118
What is the predominant supply when printed envelopes are supplied?
Supply of goods
## Footnote
Printing is ancillary to the principal supply of goods.
119
According to section 12(2), what are the criteria for determining the time of supply of goods?
* Date of issue of invoice
* Last date invoice should have been issued
* Date of receipt of payment
120
What is the last date by which an invoice must be issued for the supply of goods involving movement?
Before or at the time of removal of goods.
121
What is the time of supply of envelopes for the purpose of payment of tax?
7th April
## Footnote
Last date by which invoice ought to have been issued.
122
What governs the time of supply of services according to section 13?
Earlier of two dates: date of invoice or date of receipt of payment.
123
What is the time of supply for advance received if the invoice for services is not issued within 30 days?
Date of receipt of payment
## Footnote
Example: 20th March
124
What is the time of supply for the balance payment if the invoice is not issued within the prescribed time?
Date of provision of service
## Footnote
Example: 10th April
125
What is the time of supply of product 'A' under forward charge?
4th March
## Footnote
Date of issue of invoice
126
What is the time of supply of product 'B' under reverse charge for the advance payment?
17th February
## Footnote
Earliest of stipulated dates
127
What is the time of supply of product 'B' for the balance payment?
23rd March
## Footnote
Earliest of stipulated dates
128
When did the Finance (No. 2) Act, 2024 come into force?
16.08.2024
129
What is the effective date for the amendments made under the CGST Act by the Finance (No. 2) Act, 2024?
01.11.2024
130
What change is made to section 13(3) regarding time of supply for services under reverse charge?
Time of supply shall be the earlier of specified dates including payment date or invoice date.
131
What does GST stand for?
Goods and Services Tax
132
What does the term 'time of supply' refer to?
The point in time when the liability to pay tax arises
133
When does the liability to pay GST arise under forward charge?
On supply of goods or services
134
When does the liability to pay GST arise under reverse charge?
On supply of goods or services received
135
What is the time of supply for vouchers exchangeable for goods and services?
Date of issue of voucher or date of redemption
136
What is the due date for payment of GST if the time of supply is 25th May?
Latest by 20th June
137
What sections of the CGST Act provide provisions for time of supply for goods and services?
Sections 12 and 13
138
What does Section 14 of the CGST Act address?
Method of determining time of supply in case of change in GST rate
139
What is the significance of issuing invoices in determining time of supply?
It serves as a reference point for tax liability
140
What is the meaning of 'reverse charge'?
Liability to pay tax by the recipient instead of the supplier
141
What is the definition of 'goods' under the CGST Act?
Every kind of movable property excluding money and securities
142
What constitutes 'services' according to the CGST Act?
Anything other than goods, money, and securities
143
What does 'recipient' mean in the context of goods and services supply?
The person liable to pay consideration or receiving goods/services
144
Fill in the blank: The 'time of supply' for goods under forward charge is the earlier of the date of issue of _______ or the date of receipt of payment.
invoice
145
What is the time of supply if the supplier receives an amount up to one thousand rupees in excess of the amount indicated in the tax invoice?
Date of issue of invoice for the excess amount
146
In reverse charge cases, what date is considered if the payment is debited in the bank account?
Date of payment or date of receipt of goods, whichever is earlier
147
What happens if it is not possible to determine the time of supply under specified provisions?
It will be the date when the tax is paid
148
What is the time of supply for an addition in value by way of interest, late fee, or penalty?
Date on which the supplier receives such addition in value
149
What does the term 'voucher' mean under the CGST Act?
An instrument obligating acceptance as consideration for supply
150
What are the key situations for determining time of supply according to Section 12?
* Supply of goods under forward charge
* Supply of goods under reverse charge
* Supply of vouchers
* Residual cases
* Addition to value of supply
151
True or False: The time of supply for continuous supply of goods is based on the issuance of statement of accounts.
True
152
What is the time of supply of goods that are taxable under forward charge?
The earlier of the following two dates:
* Date of issue of invoice by the supplier or the last date on which the invoice ought to have been issued
* Date of receipt of payment by the supplier
153
Is tax payable at the time of receipt of advance for supply of goods?
No, tax is not payable at the time of receipt of advance for supply of goods.
154
What does Notification No. 66/2017 CT specify regarding GST payment timing?
Registered persons (excluding composition suppliers and those making specified actionable claims) should pay GST at the time of supply as specified in section 12(2)(a).
155
What is the significance of the term 'Date of receipt of payment'?
It refers to the date on which the payment is recorded in the supplier's books or credited to their bank account, whichever is earlier.
156
In case of partial payment or invoice, how is the time of supply determined?
The time of supply will only cover the extent of the invoice or part advance payment.
157
What happens if a supplier issues an invoice for only part of the goods supplied?
The supply is deemed to have been made only for the quantity covered by the invoice.
158
When must an invoice be issued under section 31 for goods?
Either before or at the time of removal of goods or delivery to the recipient.
159
What is the definition of 'continuous supply of goods'?
A supply of goods provided continuously or on a recurring basis under a contract, with regular invoicing.
160
What are the time limits for issuing invoices for goods sent on approval for sale?
Invoices must be issued before or at the time of supply or within 6 months from the date of removal, whichever is earlier.
161
What is the time of supply when goods are sold and the invoice is issued after the goods are received?
The time of supply is the date of invoice issuance.
162
What is the time of supply of goods under reverse charge?
The earliest of the following dates:
* Date on which the goods are received
* Date on which payment is recorded in the recipient's books
* Date immediately following 30 days from the date of invoice issuance
163
What happens if neither the date of invoice nor the date of payment is available?
The time of supply will be determined based on the date of entry of goods in the recipient's books.
164
What is the time of supply for vouchers exchangeable for goods?
The date of issue of the voucher if the supply is identifiable, otherwise the date of redemption.
165
What is the time of supply in residual cases?
The due date for filing the periodical return or the date on which GST is paid.
166
How is the time of supply determined for delayed payment penalties?
The interest/late fee/penalty is included in the value of taxable supply.
167
Fill in the blank: The time of supply for goods under forward charge is the date of issue of invoice or the last date on which the invoice ought to have been issued under _______.
section 31.
168
True or False: The relief of not paying GST at the time of receipt of advance is available for both goods and services.
False.
169
What is the time of supply when payment is recorded after the receipt of goods under reverse charge?
The time of supply is the date of receipt of goods.
170
What is the time of supply for excess payment up to ₹1000?
The supplier can choose the date of invoice issued for the excess amount as the time of supply.
171
What is the date on which GST is paid?
PLY IS THE DATE ON WHICH GST IS PAID
172
What does Section 12(6) prescribe regarding time of supply?
Time of supply in case of addition in value on account of interest/late fee/penalty is the date on which the supplier receives such addition in value
173
In the example provided, what is the time of supply for the goods sold?
The date of issue of invoice, i.e. 6th June
174
In the example provided, what is the time of supply for addition in value by way of interest?
The date when such addition in value is received by A Ltd., i.e. 6th July
175
What are the key events to determine the time of supply of goods under reverse charge?
Date of receipt of goods, date of recording the payment, date payment is debited from bank account, whichever is earlier
176
What is the time of supply if the above events are unascertainable?
Date of entry of goods in books of account of recipient
177
What is the time of supply for vouchers exchangeable for goods?
Date of issue of voucher, if the supply is identifiable at that point
178
What is the time of supply for addition in value by way of interest, late fee, or penalty?
The date on which the supplier receives such addition in value
179
What are the earliest dates for time of supply of services as per Section 13(2)?
Date of issue of invoice, date of provision of service, date of receipt of services in books of account
180
What does the term 'date of receipt of payment' refer to?
The date on which the payment is entered in the books of account or credited to the bank account, whichever is earlier
181
What is the time of supply for services taxable under forward charge?
The earlier of the date of issue of invoice or date of receipt of payment
182
What is the time limit for issuing a tax invoice for supply of services?
Within thirty days from the date of supply of service
183
What is the extended time limit for certain financial institutions to issue a tax invoice?
Forty-five days from the date of supply of service
184
What is required for continuous supply of services regarding invoice issuance?
Invoice should be issued on or before due date of payment or before receipt of payment
185
What happens if the supply of services ceases before completion?
Invoice should be issued at the time when the supply ceases for the extent of supply made
186
How is the time of supply determined under the Hybrid Annuity Mode (HAM) model?
The payment terms for construction and operation & maintenance are provided in the agreement
187
What is the significance of 'to the extent the payment covers the services'?
It means the supply shall be deemed to have been made only to the extent covered by the invoice or payment
188
What is a HAM contract?
A HAM contract is a single contract for construction as well as operation and maintenance of the highway.
189
How are payments structured in a HAM contract?
Payments are made spread over the contract period in installments after specified periods or on completion of an event.
190
What does section 2(33) of the CGST Act, 2017 define?
'Continuous supply of services' as a service that is provided continuously over a period.
191
What is the time of supply of services under a HAM contract if the invoice is issued on or before the specified date?
The earlier of the date of issuance of such invoice or the date of receipt of payment.
192
What happens if the invoice is not issued on or before the specified date in a HAM contract?
The time of supply is the earlier of the date of provision of the service or the date of receipt of payment.
193
How is the date of provision of service determined in continuous supply of services?
It may be deemed as the due date of payment as per the contract.
194
What is included in the taxable value for the purpose of payment of tax on annuity/installment?
The amount of interest component included in the installments/annuity payable by NHAI.
195
What is the time of supply of services if the invoice is issued within 30 days from the date of service?
The date of issuance of invoice.
196
What is the time of supply if the invoice is issued after 30 days from the provision of service?
The date of provision of service.
197
What option does a supplier have for excess payment up to ₹1000?
The supplier can choose to take the date of invoice issued with respect to such excess amount as the time of supply.
198
What is the time of supply for services taxable under reverse charge?
The earlier of the date of payment or the date immediately following 60 days from the date of issue of invoice.
199
What does 'date of payment' refer to in the context of reverse charge?
The date on which the payment is recorded in the books of account of the recipient or debited from their bank account.
200
What is the time of supply for spectrum allocation services?
GST is payable when the upfront amount is made or due, whichever is earlier.
201
How is the time of supply determined for deferred payments in continuous supply of services?
It is determined as the due date of payment ascertainable from the contract.
202
What is the time of supply for services imported from associated enterprises located outside India?
The date of payment for the service or the date of entry of the service in the books of account, whichever is earlier.
203
When is the time of supply of vouchers exchangeable for services determined?
The date of issue of the voucher if the supply is identifiable or the date of redemption in other cases.
204
What happens if the situation is not covered by any provisions regarding time of supply?
The time of supply is fixed as the date periodical return is required to be filed or the date on which GST is paid.
205
What is the time of supply in case of addition in value due to interest or late fees?
The date on which the supplier receives such addition in value.
206
What is the time of supply for services under forward charge when the invoice is issued within the time specified?
Date of issue of tax invoice
## Footnote
This refers to the specific date when the tax invoice is issued according to section 31.
207
What determines the time of supply when the invoice is not issued within the specified time?
Date of entry of services in books of account of the recipient of supply
## Footnote
This applies when the invoice is not issued timely.
208
In residual cases, how is the time of supply determined?
Due date of such return or date on which tax is paid
## Footnote
This applies when specific events do not clarify the time of supply.
209
What is the significance of the date of receipt of payment?
Date on which the payment is entered in the books of account of the supplier or credited to his bank account, whichever is earlier
## Footnote
This is crucial for determining the time of supply.
210
How is the time of supply affected by a change in the rate of tax regarding goods or services supplied before the change?
Date of receipt of payment or date of issue of invoice, whichever is earlier
## Footnote
This applies if the invoice is issued and payment received after the change.
211
What happens if payment is received before the change in the rate of tax, but the invoice is issued after?
Date of receipt of payment
## Footnote
This situation confirms the time of supply based on the payment receipt date.
212
What is the time of supply if the invoice is issued after the change in rate of tax but payment is received before?
Date of issue of invoice
## Footnote
This occurs when the invoice is issued post-change but payment was made prior.
213
What are the three markers for identifying time of supply?
* Actual supply
* Invoice
* Payment
## Footnote
These markers can occur in various sequences, influencing the time of supply.
214
What is the time limit for raising invoices for supply of goods?
Before or at the time of removal of goods or delivery to the recipient
## Footnote
This is outlined in section 31(1).
215
What is the time limit for raising invoices for supply of services?
Before or after provision of service but within 30 days
## Footnote
This is extended to 45 days for insurance companies and financial institutions.
216
What is the time of supply for goods and services in residual cases?
Due date of filing such return or date of payment of tax
## Footnote
This applies when other provisions do not clarify the time of supply.
217
How is the time of supply for addition in value by way of interest or penalties determined?
Date on which the supplier receives such addition in value
## Footnote
This includes interest, late fees, or penalties for delayed payments.
218
What triggers the application of the new rate of tax during a change?
If any two of the events (supply, invoice, payment) occur after the change in rate
## Footnote
This establishes which tax rate applies based on timing.
219
What is the time of supply for vouchers exchangeable for goods or services identifiable at the time of issue?
Date of issue of the voucher
## Footnote
This is specific to vouchers that are identifiable at issuance.
220
What is the time of supply for vouchers that are not identifiable at the time of issue?
Date of redemption of the voucher
## Footnote
This applies when the specific goods or services are determined at the time of redemption.
221
What is the time of supply for import of service from an associated enterprise?
Date of entry in the books of account of the recipient or the date of payment, whichever is earlier
## Footnote
This applies to the accounting treatment of imported services.
222
What are the provisions relating to the time of supply for addition in value by way of interest or late fees?
They are the same for goods and services.
223
What is the significance of the phrase 'to the extent the invoice or payment covers the supply'?
It is the same for goods and services.
224
When is the time of supply of goods determined according to section 12(2)?
The earlier of the date of issue of invoice or date of receipt of payment.
225
What does Notification No. 66/2017 CT specify regarding the time of supply for registered persons?
They must pay GST on the outward supply of goods at the time of supply as specified in section 12(2)(a).
226
According to section 31(1), when should an invoice for the supply of goods be issued?
Before or at the time of removal of goods for supply to the recipient.
227
In the case of Kanchenjunga Pvt. Ltd., what is the time of supply for the goods provided to Sutlej Pvt. Ltd.?
23rd June, being the last date on which the invoice ought to have been issued.
228
Is the store correct in issuing a supplementary invoice with a revised rate of tax after payment is made?
No, the revised rate of tax is not applicable as the transaction occurred before the change.
229
For the online portal Best Info, what is the time of supply of the service provided to Roy & Bansal Ltd.?
21st February, earlier of the date of issuance of invoice or date of receipt of payment.
230
What is the time of supply for continuous supply of services according to section 13?
The earlier of the date of invoice or date of receipt of payment.
231
In the contract between Trust Industries Ltd. and VST Ltd., what is the time of supply for the goods based on the statement of accounts?
August 5, September 5, and October 3 for the respective payments.
232
What is the time of supply for the construction services provided by Renudhoot Ltd.?
Depends on the completion stages: 02.07.2023, 15.03.2024, 20.06.2024, and 20.09.2024.
233
How is the time of supply determined for services provided by Green Inc. to Mint Industries Ltd.?
The earlier of date of payment or date immediately following 60 days from the invoice date.
234
In Case I for Mint Industries Ltd., what is the time of supply?
22nd September, as payment was made within 60 days.
235
In Case II for Mint Industries Ltd., what is the time of supply?
18th October, as payment was made after 60 days.
236
What constitutes associated enterprises according to section 92A?
Entities where one holds 51% or more shares of the other.
237
Fill in the blank: The time of supply for goods is the earlier of the date of issue of invoice or _______.
date of receipt of payment.
238
What should happen if an invoice is not issued within the time prescribed under section 31?
The time of supply is the earlier of date of provision of service or date of receipt of payment.
239
What is the time of supply if Ltd makes the payment within 60 days of the invoice date?
Date of payment
## Footnote
Example: 22nd September
240
What is the time of supply if Mint Ltd. makes the payment after 60 days from the invoice date?
61st day following the invoice date
## Footnote
Example: 18th October
241
What defines Kothari Ltd. and Wilson Inc. as 'associated enterprises'?
Kothari Ltd. holds 51% shares of Wilson Inc.
## Footnote
Reference: Section 92A of the Income-tax Act, 1961
242
In the case of supply by associated enterprises, what are the two potential dates for determining the time of supply?
* Date of entry in the books of account of the recipient
* Date of payment by the recipient
243
What is the time of supply for Kothari Ltd. in the given scenario?
30th September
## Footnote
Comparison of two dates: 30th September vs. 23rd December
244
According to section 14, how is the date of receipt of payment defined?
Date payment is entered in the supplier's books or credited to bank account, whichever is earlier.
245
If the credit to the bank account happens after 4 working days from a change in tax rate, what is the date of receipt of payment?
Date of credit in the bank account
## Footnote
Need to be after 4 working days from the tax rate change
246
What is the time of supply if services are supplied before a change in tax rate and payment is received before that change?
Date of receipt of payment
## Footnote
Reference: Section 14(a)(iii)
247
What constitutes a principal supply in the context of printing services?
Supply of printing of content supplied by the recipient.
248
What is the predominant supply when printed envelopes are supplied?
Supply of goods
## Footnote
Printing is ancillary to the principal supply of goods.
249
According to section 12(2), what are the criteria for determining the time of supply of goods?
* Date of issue of invoice
* Last date invoice should have been issued
* Date of receipt of payment
250
What is the last date by which an invoice must be issued for the supply of goods involving movement?
Before or at the time of removal of goods.
251
What is the time of supply of envelopes for the purpose of payment of tax?
7th April
## Footnote
Last date by which invoice ought to have been issued.
252
What governs the time of supply of services according to section 13?
Earlier of two dates: date of invoice or date of receipt of payment.
253
What is the time of supply for advance received if the invoice for services is not issued within 30 days?
Date of receipt of payment
## Footnote
Example: 20th March
254
What is the time of supply for the balance payment if the invoice is not issued within the prescribed time?
Date of provision of service
## Footnote
Example: 10th April
255
What is the time of supply of product 'A' under forward charge?
4th March
## Footnote
Date of issue of invoice
256
What is the time of supply of product 'B' under reverse charge for the advance payment?
17th February
## Footnote
Earliest of stipulated dates
257
What is the time of supply of product 'B' for the balance payment?
23rd March
## Footnote
Earliest of stipulated dates
258
When did the Finance (No. 2) Act, 2024 come into force?
16.08.2024
259
What is the effective date for the amendments made under the CGST Act by the Finance (No. 2) Act, 2024?
01.11.2024
260
What change is made to section 13(3) regarding time of supply for services under reverse charge?
Time of supply shall be the earlier of specified dates including payment date or invoice date.
