Time of Supply of Goods - Basic [ section 12 of CGST Act ] - GST Ready Reckoner - GST

Time of Supply of Goods - Basic Time of Supply In order to calculate and discharge tax liability it is important to know the date when the tax liability arises i.e., the date on which the charging event has occurred. In GST law, it is known as Time of Supply. GST law has provided separate provisions to determine the time of supply of goods section 12 of CGST 2017 , theses provision are applicable to intra-state supply, by virtue of section 20 of the IGST Act, 2017 , these provisions are also applicable to inter-State supplies leviable to Integrated tax. Section 12 of CGST Act provides for the determination of time of supply in the following situations: Supply of goods under forward charge; Supply of goods under reverse charge; Supply of goods under sec. 9(4) in case of Promoter in the Real Estate Industry; Supply of vouchers that can be used to pay for goods; Residual Provision Addition to value of supply of goods by way of interest or late fee or penalty for delayed payment. Before starting the analysis of about time of supply of goods, we should read time limit of issue of invoice as per section 31 of CGST Act 2017 .