Determine the time of supply from the given information in each of the following independent cases: (i) Particulars Date Supplier invoices goods…

CA Intermediate · Taxation · MTP · January 2025
Determine the time of supply from the given information in each of the following independent cases: (i) Particulars Date Supplier invoices goods taxable on reverse charge basis to Saroj & Co. (30 days from the date of issuance of invoice elapse on June 3) May 4 Saroj & Co receives the goods May 12 Saroj & Co makes the payment May 30 (ii) Particulars Date Supplier invoices goods taxable on reverse charge basis to Durable & Co. (30 days from the date of issuance of invoice elapse on June 3) May 4 Durable & Co receives the goods May 12 Durable & Co makes the payment May 30

Suggested Answer and Working Notes:

Determination of time of supply: (i) May 12 will be the time of supply, being the earliest of the three stipulated dates namely, receipt of goods, date of payment and date immediately following 30 days of issuance of invoice [Section 12 (3) of the CGST Act, 2017]. (ii) June 4, 31 st day from the date of supplier's invoice, will be the time of supply, being the earliest of the three stipulated dates namely, receipt of goods, date of payment and date immediately following 30 days of issuance of invoice [Section 12 (3) of the CGST Act, 2017].

Topics: Paper 3A: Income Tax Laws, Paper 3B: Goods and Services Tax

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