Section Section 12 of CGST Act i.e. Time of Supply of Goods as amended upto date with Notifications and Circulars
Financial Year: 2017
Section 12
Time of Supply of Goods
(1) The liability to pay tax on goods shall arise at the time of supply,
as determined in accordance with the provisions of this section.
(2) The time of supply of goods shall be the earlier of the following dates,
namely:—
(a) the date of issue of invoice by the supplier
or the last date on which he is required, under sub-section (1) of section 31,
to issue the invoice with respect to the supply; or
(Deleted by CGST Amendment Act 2018 applicable from 1st Feb 2019)
(This change has been made because time limit for issue of invoice for supply of goods has also been specified in section 31(4) and 31(7) as well)
(b) the date on which the supplier receives the payment with respect to the supply
(This point is not relevant as on date i.e. This point is NA wef 15th Nov 2017
As per Notification No 40/2017 central tax
as further amended by 66/2017 Central Tax Dated 15th Nov 2017)
Provided that where the supplier of taxable goods
receives an amount up to one thousand rupees in excess
of the amount indicated in the tax invoice,
the time of supply to the extent of such excess amount shall,
at the option of the said supplier,
be the date of issue of invoice in respect of such excess amount.
Explanation 1.––For the purposes of clauses (a) and (b),
“supply” shall be deemed to have been made to the extent it is
covered by the invoice or, as the case may be, the payment.
Explanation 2.––For the purposes of clause (b),
“the date on which the supplier receives the payment”
shall be the date on which the payment is entered in his books of account
or the date on which the payment is credited to his bank account,
whichever is earlier.
(3) In case of supplies in respect of which
tax is paid or liable to be paid on reverse charge basis,
the time of supply shall be the earliest of the following dates, namely:—
(a) the date of the receipt of goods; or
(b) the date of payment as entered in the books of account of the recipient
or the date on which the payment is debited in his bank account,
whichever is earlier; or
(c) the date immediately following thirty days
from the date of issue of invoice or any other document,
by whatever name called, in lieu thereof by the supplier
Provided that where it is not possible to determine
the time of supply under clause (a) or clause (b) or clause (c), the time of supply
shall be the date of entry in the books of account of the recipient of supply.
(4) In case of supply of vouchers by a supplier, the time of supply shall be—
(a) the date of issue of voucher, if the supply is identifiable at that point; or
(b) the date of redemption of voucher, in all other cases.
(5) Where it is not possible to determine
the time of supply under the provisions of sub-section (2) or sub-section (3) or sub-section (4),
the time of supply shall:-
(a) in a case where a periodical return has to be filed, be the date on which such return is to be filed; or
(b) in any other case, be the date on which the tax is paid.
(6) The time of supply to the extent it relates to an addition in the value of supply
by way of interest, late fee or penalty for delayed payment of any consideration
shall be the date on which the supplier receives such addition in value.
| S No | Particulars | 1st Condition | 2nd Condition | 3rd Condition |
| 1 | For Reverse Charge Inward Supplies (Which ever is earlier will be time of supply) | Receipt of Goods | Date of Payment | 30 days of issue of Invoice by Supplier |
| 2 | For Sale of Vouchers |
Date of Issue of Voucher, if Supply is Identifiable | Date of Redemption, if Supply not identifiable and for all other cases | NA |
| 3 | General Rule (Which ever is earlier will be time of supply) | Date of Issue of Invoice | Date of Payment | NA |
| 4 | Not Possible from these methods | Date of Filing of Periodical Return | Date of Tax Payment | NA |
Thanks
CA Rahul Gupta