Section 12 - Time of supply of goods.

Time of supply of goods determines tax liability; earlier of invoice issuance or receipt of payment governs timing.

Time of supply of goods is the earlier of the supplier's invoice issuance (or last required invoice date) and the date payment is received (entered in books or credited to bank, whichever is earlier). For reverse charge supplies the earliest of receipt of goods, recipient's payment (books entry or bank debit) or the date after thirty days from supplier's invoice applies; alternative rules use books entry when other dates cannot be determined. Voucher supplies are timed to issuance if identifiable or to redemption. Additions for interest, late fees, or penalties are timed to receipt by the supplier.