An advance of ₹75,000 was received on 25th August, 2019 against the services rendered on 12th September, 2019 for the total value of ₹3,00,000. Invoice was also issued on the same day being 12th September, 2019 and the b
CS Executive · Tax Laws · PYQS · December 2020
An advance of ₹75,000 was received on 25th August, 2019 against the services rendered on 12th September, 2019 for the total value of ₹3,00,000. Invoice was also issued on the same day being 12th September, 2019 and the balance payment of ₹2,25,000 was received on 18th September, 2019. The time of supply and the value of supply under CGST Act, 2017 shall be :
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C). Official source note: The time of supply is earliest of issuance of invoice or receipt of payment. Therefore, in case of advance received for any supply, time of supply is fixed at the point when advance is received i.e. 25th August, 2019.
Topics: GST
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