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Time of supply of goods sec 12

Gauthami (Student CA Final ) (431 Points)

22 September 2018

it is given in notification no.66/2017 dated 15-11-2017 that all registered persons except composite suppliers should consider for time of supply u/s 12 is 12(2)(a). my question is in which cases will be both date of invoice and date of receipt of payment will be considered for TOS calculation of goods?

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5 Replies

Rohit Tibrewal (Student & Senior Accountant) (3193 Points)
Replied 23 September 2018

Yes as Sec 12 deals with TOS of supply of goods.

Sec 13 for TOS of Services

Mayur Iyer (246 Points)
Replied 23 September 2018

as per notification no. 66/17 date of paymet isnt considered as a part of time of supply for goods under sec 12(2)

However under sec12(2) i.e time of supply of goods under forward charge machanism

*time of supply is calculated as*:

DATE OF INVOICE OR
LAST DATE OF INVOICE (SEC31)

whichever is earlier

Pankaj Rawat (GST Practitioner) (55057 Points)
Replied 23 September 2018

in case of Goods its clarify by Notification 66, advance will not consider as supply , so as per section 31 on the removal of goods on or before the invoice issued is time of supply

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subhagan sreerangam (7059 Points)
Replied 23 September 2018

Mr Rohit Tibrerwal explanation is nice and good

Rohit Tibrewal (Student & Senior Accountant) (3193 Points)
Replied 25 September 2018

Cases where
both date of invoice and date of receipt of payment will be considered for TOS calculation of goods- in Case of Composition Levy and In Case of TOS related to Services.

Earlier answer was Incomplete :
I was trying to elaborate and Wrongly it was submitted,

@ Subhagan thank you 😂😂😂😂

1 Like