Madan provided legal service as advocate to MNO & Co. which fell under reverse charge basis. The services were rendered on 10th June, 2022 and Madan issued invoice on 2nd July, 2022. The cheque dated 5th July, 2022 w
CS Executive · Tax Laws · PYQS · June 2023
Madan provided legal service as advocate to MNO & Co. which fell under reverse charge basis. The services were rendered on 10th June, 2022 and Madan issued invoice on 2nd July, 2022. The cheque dated 5th July, 2022 was honoured by debit to bank account of MNO & Co. on 15th July, 2022. The receipt was recorded in the books of Madan on 10th July, 2022. What is the time of supply under Reverse Charge Mechanism (RCM) in this case?
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C). Official source note: Option C is Cor rect, as per Section 12(3) & 13(3), the time of supply will be 60 days from date of invoice or the date on which amount debited from bank account of recipient; which ever is earlier.
Topics: GST
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