Time of Supply of Services – Addition in value

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....e tax invoice needs to be issued either before the provision of service or within 30 days (45 days in case of insurance companies/ banking companies/ financial institutions including NBFCs) from the date of supply of service. [section 31(2) read with 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 [Second proviso to rule 47]. * In case of continuous supply of services, the invoice should ....

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....ved on 15.12.2017. The time of supply of such amount (₹ 1,000/-) will be the 15.12.2017 i.e., the date on which it is received by the supplier and tax liability on this is to be discharged by 20.01.2018. Circular No. 102/21/2019-GST dated 28th June 2019- Penal /Additional interest on delayed payment where the EMI is not paid at the scheduled time, there is a levy of additional / penal interest on account of delay in payment of EMI. such delayed payment charges in case of late payment of Equated Monthly Instalments (EMI) is liable for GST supply in respect of agreeing to obligation to refrain from an act, to tolerant an act or situation, or to do an act has been treated as supply of services vide clause 5(e) of schedule II of CGST ....