Change in rate of tax determines time of supply when invoices or payments straddle a tax-rate change. Change in rate of tax determines the time of supply for affected transactions by reference to the sequencing of invoice issuance and receipt of payment. If supply occurs before the rate change, the time of supply is the earlier of invoice date or payment receipt when both occur after the change; otherwise the earlier of the two specific dates (invoice or payment) prevails according to which occurred before or after the change. Where supply occurs after the change, parallel rules allocate the time of supply to either payment date or invoice date depending on their sequencing, with a bank-credit proviso and an explanation defining date of receipt of payment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Change in rate of tax determines time of supply when invoices or payments straddle a tax-rate change.
Change in rate of tax determines the time of supply for affected transactions by reference to the sequencing of invoice issuance and receipt of payment. If supply occurs before the rate change, the time of supply is the earlier of invoice date or payment receipt when both occur after the change; otherwise the earlier of the two specific dates (invoice or payment) prevails according to which occurred before or after the change. Where supply occurs after the change, parallel rules allocate the time of supply to either payment date or invoice date depending on their sequencing, with a bank-credit proviso and an explanation defining date of receipt of payment.
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