Determine the time of supply (TOS) by giving reason in brief in each of the following cases in accordance with the provisions of CGST Act, 2017: (v) TPS Ltd. is an Indian Company. It has received taxable supply of servic
CS Professional · Advanced Tax Laws · PYQS · June 2022
Determine the time of supply (TOS) by giving reason in brief in each of the following cases in accordance with the provisions of CGST Act, 2017: (v) TPS Ltd. is an Indian Company. It has received taxable supply of services from its associated enterprises Alfa Ltd. an US based company on 1st January, 2022. Alfa Ltd. raised an invoice of $80,000 on 10th February, 2022. TPS Ltd. debited its books of account on 25th February, 2022 and made the payment on 25th March, 2022.
Answer & Explanation:
Case Time of Supply (TOS) Reason (v) 25th February, 2022 As per Section 13(3) of Central Goods and Services Tax Act, 2017, In case of associated enterprises where the person providing the service is located outside India, the Time of supply of service shall be (a) the date of debit in the books of account of the person receiving the service; or (b) date of making the payment, whichever is earlier. Thus, Time of supply of goods under reverse charge is 25th February, 2022.
Topics: GST
Related Questions in this Topic
- Mr. Sunil has obtained a voluntary registration under the GST law in the State of Karnataka in January, 2024 but has not...
- With reference to the provision of section 83 of the CGST Act, 2017 regarding the provisional attachment of property, An...
- With reference to the provision of section 83 of the CGST Act, 2017 regarding the provisional attachment of property, An...
- With reference to the provision of section 83 of the CGST Act, 2017 regarding the provisional attachment of property, An...
- With reference to the provision of section 83 of the CGST Act, 2017 regarding the provisional attachment of property, An...