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of <h1>From Oct 1, 2025 Section 12(4) CGST removed; vouchers' time-of-supply and invoice timing clarified for single vs multi-purpose</h1> W.e.f. 01.10.2025 Section 12(4) of the CGST Act, 2017 (time of supply rules for vouchers) is omitted; under existing law single-purpose vouchers (supply identifiable at issue) trigger time of supply at issue, while multi-purpose/general vouchers trigger time of supply at redemption. Invoice timing follows section 31-before/at removal or delivery, or before/at periodic statement/payment for continuous supplies; special six-month rule applies for goods sent on approval. Vouchers are not treated as 'money' unless convertible to legal tender; prepaid payment instruments are regulated by the RBI as closed, semi-closed or open PPIs with differing permissions and authorisations.
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