9911796707
TMI BlogTime of Supply of Goods – VoucherX X X X Extracts X X X X X X X X Extracts X X X X ..... qualified as money . But vouchers or gift cards (closed and semi-closed pre-payment instruments) can be redeemed only against goods or services. Moreover, money as a legal tender has acceptability across the length and breadth of the country, whereas a voucher can be redeemed only at the premises of the issuer or the participating merchants. Time of Supply Section 12 of CGST 2017 provides for the determination of time of supply in the situations of Supply of vouchers that can be used to pay for goods. 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. Time limit for issuance of invoice for supply of goods under section 31 of CGST Act 2017 A regist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly i.e., supply is identifiable at the time of issuance of voucher. In trade parlance, these are known as single purpose vouchers. Time of supply is different in case of single purpose voucher and in the case of general-purpose voucher. In case of supply of vouchers the time of supply is - If supply is identifiable then Date of issue of voucher. (Single purpose voucher) If supply is not identifiable then Date of redemption of voucher. (General purpose voucher) Examples:- Example 1 :- Vouchers for pressure cookers or Television or for spa or haircut. Similarly, a voucher can be general purpose voucher which can be used for multiple purposes. Time of supply would be date of redemption of voucher. Example 2 :- A ₹ 1000/- voucher issued b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upply of the goods or services to which the voucher relates, and the VAT due on those goods or services, are known at the time of issue of the voucher. Multi-purpose voucher means a voucher, other than a single-purpose voucher. As per Article 30b Each transfer of a single-purpose voucher made by a taxable person acting in his own name shall be regarded as a supply of the goods or services to which the voucher relates. The actual handing over of the goods or the actual provision of the services in return for a single-purpose voucher accepted as consideration or part consideration by the supplier shall not be regarded as an independent transaction. Where a transfer of a single-purpose voucher is made by a taxable person acting in the name of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ck exchange. Payment system includes the systems enabling credit card operations, debit card operations, smart card operations, money transfer operations or similar operations. [Section 2(1)(i) of the Payment and Settlement Systems Act, 2007] Pre-paid vouchers are regulated by the Reserve Bank of India ( RBI ) in India as Prepaid Payment Instruments ( PPI ) under the PSS Act and such instruments cannot be set up and operated by an entity without the prior approval of RBI. [RBI Circular No. RBI/DPSS/2017-18/58, dated 11th October, 2017 for master directions relating to issuance and operation of prepaid payment instruments] RBI identifies three types of PPIs Closed System PPIs, Semi-closed System PPIs and Open System PPIs i) Closed System PPI ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
