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of <h1>Clarification on Time of Supply for National Highway Projects under Hybrid Annuity Mode: Invoice or Payment Determines Tax Timing.</h1> The circular clarifies the time of supply for services related to the construction and maintenance of National Highway Projects under the Hybrid Annuity Mode (HAM) model. It states that under HAM contracts, which combine construction and operation/maintenance services, the time of supply for tax purposes is determined by the earlier of invoice issuance or payment receipt, provided the invoice is issued by the specified date or event completion. If not, it is the date of service provision or payment receipt. Additionally, any interest included in annuity payments is taxable. The circular advises issuing trade notices to disseminate this information.
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