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of <h1>Understanding Time of Supply for Goods Under CGST Act 2017: Section 12(6) Explained with Penalties and Interest.</h1> The provisions under the CGST Act 2017 regarding the time of supply of goods, particularly when there is an addition in value due to interest, late fees, or penalties for delayed payments. According to Section 12(6), the time of supply is the date when such additional value is received by the supplier, and it is taxable at the rate applicable to the primary supply. The document also discusses scenarios involving delayed payments and the application of GST on penal interest, with examples illustrating how these rules apply to transactions involving installment payments and loans.
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