5.30 Summary The provisions relating to time of supply of goods and services can be better understood if the same are studied simultaneously appreciating the similarities and differences between the two scenarios. Therefore, such provisions have been summarised by way of a comparison table to help students remember and retain the provisions in a better and effective manner: TIME OF SUPPLY WHERE TAX IS PAYABLE UNDER FORWARD CHARGE Date of receipt of payment (entering the payment in books Time of supply of goods [Section of account or crediting of 12(2)] payment in bank Earliest of the following: whichever is Date of issue of invoice by the Invoice not issued within the time supplier or the last date on which period prescribed under section he is required, to issue the 31(2) invoice under section 31(1) with Earliest of the following: respect to the supply of provision of Date Date on which the supplier Date of receipt of payment receives the payment (entering (entering the payment in books the payment in books of account of account or crediting of or crediting of payment in bank payment in bank account, account, whichever is earlier) with whichever is respect to the supply Time of supply of services [Section 13(2)] Invoice issued within the time period prescribed under section 31(2) Earliest of the following: Date of issue of invoice by
5.30 Summary The provisions relating to time of supply of goods and services can be better understood if the same are studied simultaneously appreciating the similarities and differences between the two scenarios. Therefore, such provisions have been summarised by way of a comparison table to help students remember and retain the provisions in a better and effective manner: TIME OF SUPPLY WHERE TAX IS PAYABLE UNDER FORWARD CHARGE Time of supply of goods [Section 12(2)] Earliest of the following: Date of issue of invoice by the supplier or the last date on which he is required, to issue the invoice under section 31(1) with respect to the supply Date on which the supplier receives the payment (entering the payment in books of account or crediting of payment in bank account, whichever is earlier) with respect to the supply Time of supply of services [Section 13(2)] Invoice issued within the time period prescribed under section 31(2) Earliest of the following: Date of issue of invoice by Date of receipt of payment (entering the payment in books of account or crediting of payment in bank whichever is Invoice not issued within the time period prescribed under section 31(2) Earliest of the following: Date of provision of Date of receipt of payment (entering the payment in books of account or crediting of payment in bank account, whichever is