Time Of Supply Of Goods

Question 1

State the details if sec 12(2)

Answer 1

Section 12(2) deals with FCM in which the time of supply is
- Date of Removal
- Date of Invoice
- Date of payment
Whichever is earlier

Question 2

State the contents of 12(3)

Answer 2

Section 12(3) talks about RCM and the time of supply is
- Date of receipt of goods
- Date of payment
- 31st Day from date of invoice
Whichever is earlier

Question 3

Invoice of goods must be issued on or before _ in case of no movement of goods

Answer 3

According to 31(1) , invoice date must be delivery of goods or assembling of goods

Question 4

Invoice of goods must be issued on or before _ in case of movement

Answer 4

According to sec 31(1) , invoice must be issued on removal of goods

Question 5

If the invoice issued within 30 days from the date of completion of Service then what is the time of supply?

Answer 5

According to sec 13(2), the time of supply under FCM will be
- date of invoice
- date of payment
Whichever is earlier

Question 6

If the invoice is not issued within 30 days from the date of completion of Service then what?

Answer 6

According to sec 13(2), if invoice not issued under FCM then
- date of completion of Service
- date of payment
Whichever is earlier

Question 7

State the contents of Sec 13(3) in case of RCM

Answer 7

Time of supply of services
- date of payment
- 61 St day from the date of invoice
Whichever is earlier

Question 8

If the vochuer is identifiable then what is the time of supply?

Answer 8

Date of Issue
U/s 12(4) in case of goods
U/s 13(4) in case of services

Question 9

If the vochuer is not identifiable then what is the time of supply?

Answer 9

Date of redemption u/s 12(4) &13(4)

Question 10

If periodic return is filed what is the time of supply

Answer 10

Date of Filing
u/s 12(5)&13(5)

Question 11

If periodic return filed is not known then what is the time of supply

Answer 11

Date of payment of GST u/s 12(5)&13(5)

Question 12

In case of fees penalties or interest what is the time of supply?

Answer 12

Date of Receipt

Question 13

What is the general formula for calculating transaction value?

Answer 13

Value u/s sec 15(1) + items of sec 15(2) - items of sec 15(3)

Question 14

What is the meaning of transaction value?

Answer 14

According to Sec 15(1) price actually paid or payable for supply of goods or services or both including items of 15(2) and excluding items of 15(3)

Question 15

State of items if sec 15(2)(a)

Answer 15

Any type of tax/duties/charges/fees/cess levied under any act other than GST act
Examples- excise duty, custom duty, municipal duty, service charge

Question 16

State the items of Sec 15(2)(b)

Answer 16

Any amount which the supplier is liable to pay in relation to such supply but paid by recipient

Question 17

State the items of sec 15(2)(c)

Answer 17

Incidental Expense, any charges for anything done by supplier before delivery
Examples - packing/ warranty/ insurance / freight / inspection

Question 18

State the contents of Sec 15(2)(d)

Answer 18

Interest fees penalties for DELAYED payment

Question 19

If govt provides subsidy for some good or services or both. Will it be included in transaction value?

Answer 19

No it will not form a part of Transaction value u/s 15(2)(e)

Question 20

If a non govt organization provides subsidy or grant will it form a part a transaction value?

Answer 20

Yes u/s 15(2)(e)

Question 21

Which items are excluded in calculating transaction value?

Answer 21

Any discount which is linked with supply is excluded u/s 15(3)

Question 22

Any discount which is not linked with the invoice and happened after the supply. Will it be excluded from the transaction value?

Answer 22

No it won’t u/s 15(3)