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TMI BlogTime of supply in case of RCMX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Expert member Please check this example is correct or not in case of Time of supply of goods under RCM. my concern about calculation of Date immediately following 30 days from the date of issue of invoice Example - Mint Industries Ltd., a registered supplier, give order of material from Green INC, USA on 13 th August (goods order date). The relevant invoice for $ 1,20,000/- is raised by Green ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Inc on 18 th August. Mint Industries Ltd. Makes the payment against the said invoice 22 nd September but goods received as on 27 th December. Provisions Time of supply, earliest of the following dates Date of receipt of goods, or the date of payment as entered in the books of account of the recipient or the date on which the payment is debited in his bank account, whichever is earlier ; or Date i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmediately following 30 days from the date of issue of invoice or any other legal document in lieu of invoice by the supplier. In this case - As per term Sec. 12 (3) , Time of supply, earliest of the following dates :- Date of receipt of goods 27 th December Date immediately following 30 days from the date of issue of invoice 17 th September Date of receipt of payment by the supplier- 22 nd Septem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ber Therefore, time of supply of goods 17 th September. - Reply By RaamSrinivasan Kalpathi - The Reply = This is import of goods through Customs. Customs duty, SWS and IGST are remitted based on Bill of Entry date. The importer need not be concerned with IGST time of supply for this. - Reply By Shilpi Jain - The Reply = Agreed. Import of goods is not under RCM under GST - Reply By Ganeshan Kalyani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - The Reply = RCM not applicable. I agree with the view of the experts. - Reply By KASTURI SETHI - The Reply = Dear Querist, What is the description of goods ? - Time of supply in case of RCM - Query Started By: - Lav Prajapati Dated:- 23-5-2024 Last Replied Date:- 27-5-2024 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, pers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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