What are the rules for determining the time of supply of goods based on the dates provided?
Understand the Problem
The question is asking about the accounting procedure for determining the time of supply of goods, taking into account several dates related to the movement and invoicing of goods. It requires identifying the relevant dates and applying rules for supply of goods according to specified conditions.
Answer
Earliest of date goods made available, invoice date, or payment date.
The time of supply for goods is the earliest of the three dates: date goods are made available, date on the invoice, or date of receipt of payment.
Answer for screen readers
The time of supply for goods is the earliest of the three dates: date goods are made available, date on the invoice, or date of receipt of payment.
More Information
In GST, determining the time of supply is crucial for establishing when the goods are legally supplied for tax purposes. It affects when tax is due.
Tips
A common mistake is not using the earliest date. Always compare the dates provided to determine which comes first.
Sources
- Time of Supply Under GST - razorpay.com
- Time of Supply in GST - gstcouncil.gov.in
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