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TMI BlogTime of Supply of Goods – Addition in valueX X X X Extracts X X X X X X X X Extracts X X X X ..... f 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 registered person supplying taxable goods shall, before or at the time of, - Removal of goods for supply to the recipient, where the supply involves movement of goods ; or Delivery of goods or making availab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent or taken on approval for sale or return , are removed before the supply takes place Invoice should be issued before or at the time of supply or 6 months from the date of removal, whichever is earlier [Section 31(7)]. We consider below how the time of supply is determined in each of these situations Time of supply of goods related to an addition in the value of supply by way of interest, late f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by 20.01.2018. Circular No. 102/21/2019-GST dated 28 th 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 obligatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nstances, X is charging Y ₹ 40,000/- for the mobile and is separately issuing another invoice for providing the services of extending loans to Y, the consideration for which is the interest of 2.5% per month and an additional / penal interest amounting to ₹ 500/- per month for each delay in payment. As per the provisions of sub-clause (d) of section 15(2) of the CGST Act. the amount of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 12/2017-Central Tax (Rate) dated 28.06.2017. Accordingly, in this case the 'penal interest' charged thereon on a transaction between Y and M/s ABC Ltd. would not be subject to GST, as the same would be covered under notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 . The value of supply of mobile by X to Y would be ₹ 40,000/- for the purpose of levy of GST. - Manuals ..... X X X X Extracts X X X X X X X X Extracts X X X X
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