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TMI BlogTime of Supply of Services- Under Reverse ChargeX X X X Extracts X X X X X X X X Extracts X X X X ..... s from the date of the supply of service: Where the supplier of services is an insurance companies/ banking companies/ financial institutions including NBFCs the period within which the invoice or any document in lieu thereof is to be issued shall be 45 days from the date of the supply of service. [ First proviso 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 of rule 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e date of issue of invoice by the recipient, in cases where invoice is to be issued by the recipient [(w.e.f. 01.11.2024 vide N.No. 17/2024 dated 27.09.2024) inserted vide Finance (No.2) Act, 2024 ] However, if it is not possible to determine the time of supply of services under RCM under clause (a) or clause (b) [ or clause (c) (w.e.f. 01.11.2024 vide N.No. 17/2024 dated 27.09.2024) inserted vide Finance (No.2) Act, 2024 ] of section 13(3) then the time of supply determined as per Second Proviso of Section 13(3) of CGST Act 2017, The date of entry of the transaction in the books of accounts of the recipient of supply. Note: - Exception on services received from associated enterprises located outside India section 9(3) 9(4) of CGST Act 2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y following 60 th days from the date of issue of invoice or any other legal document in lieu of invoice by the supplier. The date of issue of invoice by the recipient, in cases where invoice is to be issued by the recipient; or Date of receipt of payment/ advance (whichever is earlier ) Credited in the books of accounts, or Debit date in the bank account In other words If make the payment within 60 days from the date of issue invoice, then time of supply of services under RCM will be date of payment. If make the payment after 60 days from the date of issue invoice, then time of supply of services under RCM will be date of issue of invoice. Second Proviso of Section 13(3) of CGST Act 2017, If it is not possible to determine the time of suppl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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