Determine the time of supply in the following transactions: Saroj consultancy services received advance of ₹ 50,000 from clients on 31.12.2020 for services to be rendered in the month of March, 2021.
CS Professional · Advanced Tax Laws · PYQS · June 2021
Determine the time of supply in the following transactions: Saroj consultancy services received advance of ₹ 50,000 from clients on 31.12.2020 for services to be rendered in the month of March, 2021.
Answer & Explanation:
As per Section 13(2) of Central Goods and Services Tax Act, 2017 advances received are taxable at the time when such advances are received. Accordingly 31.12.2020 shall be the time of supply for advance payment of ₹ 50,000 received by Saroj Consultancy services.
Topics: GST - Time of Supply
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