Payment date is not ascertain
Date of completion. 31/12/2017
Date of invoice. 14/01/2018
Actual payment date 12/01/2018
What will be TOS?
5 Replies
Rohit Tibrewal
(Student & Senior Accountant)
(3193 Points)
Replied 08 September 2018
12/01/2018, as Bill raised within prescribed time. So, invoice or payment whichever is earlier
mohit
(student)
(77 Points)
Replied 08 September 2018
This is not a case of normal provision this is continuous supply of service and in that case if payment date is not ascertain then payment received date should be last date of invoice as per sec. 31(5)
Then how will be invoice within time if issued after 12/01/2018
As your ans. 12/01/2018 is correct as per material but not as per sec. 31(5)
mohit
(student)
(77 Points)
Replied 08 September 2018
Even I become confused if question clearly ask for tos of continuous supply of service then why normal provision is applied?
Rohit Tibrewal
(Student & Senior Accountant)
(3193 Points)
Replied 08 September 2018
Then we need to brief that, as invoice not received in time So, date of payment or provision of service whichever is earlier even though answer is correct
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