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#1 Time of Supply | TYBCOM & TYBMS | Taxation (GST) | SEM 6 | MUMBAI UNIVERSITY | SIRAJ SHAIKH |

In This Video We Will Discuss Time of Supply all Concepts, Examples and Problems FROM TEXTBOOK 1. Time of Supply Time of supply means the point in time when goods/services are considered supplied’. When the seller knows the ‘time’, it helps him identify due date for payment of taxes. CGST/SGST or IGST must be paid at the time of supply. Goods and services have a separate basis to identify their time of supply. Let’s understand them in detail. A. Time of Supply of Goods Time of supply of goods is earliest of: 1. Date of issue of invoice 2. Last date on which invoice should have been issued 3. Date of receipt of advance/ payment*. B. Time of Supply for Services Time of supply of services is earliest of: 1. Date of issue of invoice 2. Date of receipt of advance/ payment. 3. Date of provision of services (if invoice is not issued within prescribed period) C. Time of Supply under Reverse Charge In case of reverse charge the time of supply for service receiver is earliest of: 1. Date of payment* 2. 30 days from date of issue of invoice for goods (60 days for services) *w.e.f. 15.11.2017 ‘Date of Payment’ is not applicable for goods and applies only to services. Notification No. 66/2017 – Central Tax 2. Place of supply It is very important to understand the term ‘place of supply’ for determining the right tax to be charged on the invoice. A. Place of Supply of Goods Usually, in case of goods, the place of supply is where the goods are delivered. So, the place of supply of goods is the place where the ownership of goods changes. What if there is no movement of goods. In this case, the place of supply is the location of goods at the time of delivery to the recipient. For example: In case of sales in a supermarket, the place of supply is the supermarket itself. Place of supply in cases where goods that are assembled and installed will be the location where the installation is done. B. Place of Supply for Services Generally, the place of supply of services is the location of the service recipient. In cases where the services are provided to an unregistered dealer and their location is not available the location of service provider will be the place of provision of service. Special provisions have been made to determine the place of supply for the following services: Services related to immovable property Restaurant services Admission to events Transportation of goods and passengers Telecom services Banking, Financial and Insurance services. In case of services related to immovable property, the location of the property is the place of provision of services. Value of supply means the money that a seller would want to collect the goods and services supplied. The amount collected by the seller from the buyer is the value of the supply. #timeofsupply #sirajshaikh #mumbaiuniversity