TaxTMI 
TaxTMI 
Time of Supply of Services- Under Reverse Charge
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....days from the date of the supply of service: * Where the supplier of services is an insurance companies/ banking companies/ financial institutions including NBFCs * the period within which the invoice or any document in lieu thereof is to be issued shall be 45 days from the date of the supply of service. [ First proviso rule 47 of CGST Rules ]. * In case of insurance companies/ banking companies/ financial institutions including NBFCs/ telecom companies/ notified supplier of services making taxable supplies between distinct persons as specified in section 25, invoice may be issued * before or at the time of recording such supply in the books of account or * before the expiry of the quarter during which the supply was made [ Sec....
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....2024) inserted vide Finance (No.2) Act, 2024 ] * (c) the date of issue of invoice by the recipient, in cases where invoice is to be issued by the recipient [(w.e.f. 01.11.2024 vide N.No. 17/2024 dated 27.09.2024) inserted vide Finance (No.2) Act, 2024 ] However, if it is not possible to determine the time of supply of services under RCM under clause (a) or clause (b) [ or clause (c) (w.e.f. 01.11.2024 vide N.No. 17/2024 dated 27.09.2024) inserted vide Finance (No.2) Act, 2024 ] of section 13(3) then the time of supply determined as per Second Proviso of Section 13(3) of CGST Act 2017, * The date of entry of the transaction in the books of accounts of the recipient of supply. Note: - Exception on services received from associated enter....
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....of CGSTS Act 2017 by Mint Ltd. Earliest of the following dates * Date immediately following 60th days from the date of issue of invoice or any other legal document in lieu of invoice by the supplier. * The date of issue of invoice by the recipient, in cases where invoice is to be issued by the recipient; or * Date of receipt of payment/ advance (whichever is earlier) * Credited in the books of accounts, or * Debit date in the bank account In other words * If make the payment within 60 days from the date of issue invoice, then time of supply of services under RCM will be date of payment. * If make the payment after 60 days from the date of issue invoice, then time of supply of services under RCM will be date of issue of inv....