time and value of supply
in module general rule under section 12 is given time of supply of goods under forward charge is date of issue of invoice or last date of issue of invoice under section 31 or date on which payment is recorded in the books of accounts audit on which payment is credited with our is earlier will be the time of supply of goods
but under section 12 clause to clause 2 special procedure under section 148 for payment of tax in case of goods where date of issue of invoice or last date of issue of invoice under section 31 whichevr is earlier will be the time of supply of goods what
what are the specified categories of goods in the special procedure
please explain both the concepts both are too confusing
Yami, As per Section.148 power is given to Goverment to relax some provision to some taxpayer/person, on recommendations of GST Councils by way of issue of notifications.
As per Section 12 time of Supply is;
1.date of issue of invoice or last date of issue of invoice as per sec.31
2.date of receipt of payment
whichever is earlier
but by way of notifications, As per power given 148, government relax this provision for all suppliers of Goods (except composition taxpayer and suppliers of service)
So, for suppliers of Goods, time of Supply is
1.date of issue of invoice or
2.last date of issue of invoice as per sec.31
whichever is earlier
No tax on advance receipt...
For other, remain as per section 12..
Payment or invoice ..w/e...
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