What is the time period within which invoice has to be issued under G.S.T ( Goods & Service Tax )

For Supply of Goods:

before or at the time of
(a) removal of goods for supply to the recipient, where supply involves movement of goods or
(b) delivery of goods or making available thereof to the recipient in other cases.

 

for supply of Services

before or after the provision of service, but within a period of 30 days from the date of supply of service, issue a tax invoice showing description, value of goods, tax payable thereon and other prescribed particulars.For Banking and Insurance companies, this period is 45 days.

 

Case involving continuous supply of goods

where successive statements of accounts or successive payments are involved, the invoice shall be issued before or at the time each such statement is issued or, as the case may be, each such payment is received.

Case involving continuous supply of services

In case of continuous supply of services,
(a) where the due date of payment is ascertainable from the contract, the invoice shall be issued on or before due date of payment.;
(b) where the due date of payment is not ascertainable from the contract, the invoice shall be issued before or at the time when the supplier of service receives the payment.;
(c) where the payment is linked to the completion of an event, the invoice shall be issued on or before the date of completion of that event

Visit www.papertax.in and speak to your dedicated tax adviser for any further queries with regards to Income tax & G.S.T. matters, or download paper tax mobile application from Google play store to stay updated for any legal updates. You can also contact us on our help desk 844844 8821.

 

Was this post helpful?
Let us know if you liked the post. That’s the only way we can improve.
Yes2
No0
Powered by Helpful

Leave a Reply

Your email address will not be published. Required fields are marked *

Call Now Button