Time of supply of goods determines tax liability timing, generally the earlier of invoice issuance or receipt of payment. Time of supply for goods arises at the earlier of invoice issuance (or last required invoice date) or receipt of payment, where payment is the earlier of entry in books or bank credit. For reverse charge supplies, time is the earliest of receipt of goods, payment as recorded or debited, or the date after thirty days from the supplier's invoice, with recipient books entry as fallback. Voucher supplies are timed at issue if identifiable or at redemption. Additions like interest or penalty are timed on receipt.
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.
Time of supply of goods determines tax liability timing, generally the earlier of invoice issuance or receipt of payment.
Time of supply for goods arises at the earlier of invoice issuance (or last required invoice date) or receipt of payment, where payment is the earlier of entry in books or bank credit. For reverse charge supplies, time is the earliest of receipt of goods, payment as recorded or debited, or the date after thirty days from the supplier's invoice, with recipient books entry as fallback. Voucher supplies are timed at issue if identifiable or at redemption. Additions like interest or penalty are timed on receipt.
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