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How to determine the time of supply for goods and services? EmptyFri Jul 03, 2015 9:34 am by joseph

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How to determine the time of supply for goods and services? EmptyFri Jul 03, 2015 9:11 am by joseph

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How to determine the time of supply for goods and services? EmptyFri Jul 03, 2015 9:10 am by joseph

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How to determine the time of supply for goods and services? EmptyMon Jun 29, 2015 5:25 pm by joseph

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How to determine the time of supply for goods and services? EmptyMon Jun 29, 2015 3:12 pm by joseph

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How to determine the time of supply for goods and services? EmptySun Jun 28, 2015 5:53 pm by joseph

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How to determine the time of supply for goods and services? EmptyFri Jun 26, 2015 7:44 pm by Poon1

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How to determine the time of supply for goods and services? EmptyThu Jun 25, 2015 4:13 pm by joseph

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How to determine the time of supply for goods and services? EmptyWed Jun 24, 2015 6:16 pm by joseph

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How to determine the time of supply for goods and services? EmptyWed Jun 24, 2015 6:00 pm by joseph

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How to determine the time of supply for goods and services? EmptyTue Jun 23, 2015 10:21 pm by joseph

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How to determine the time of supply for goods and services? EmptyTue Jun 23, 2015 5:45 pm by joseph

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How to determine the time of supply for goods and services?

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How to determine the time of supply for goods and services? Empty How to determine the time of supply for goods and services?

Post by Admin Sat Sep 27, 2014 10:35 pm

For goods, the time of supply is the date ownership of goods is transferred to purchaser. It is usually date of invoice provided it is not later than 21 days after delivery of goods. If it is more than 21 days, then delivery date is the time of supply.

For services, the time of supply is the date when a service is performed in accordance to the contract. It is usually upon completion of job and delivery of deliverables.

If payment is received earlier than either delivery of goods or date of issuance of invoice, then payment date is time of supply. However, this occurrence seldom happens.

The time of supply is important as it determines the taxable period in which a transaction falls into.

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How to determine the time of supply for goods and services? Empty Re: How to determine the time of supply for goods and services?

Post by kevinleong Mon Mar 09, 2015 5:47 pm

In construction industry, it is very common that contractor lodge a claim for work done say for May 2015 in the month of June 2015. And the client will only certify the claim say at the end of June or in early July.

Eg.
Work done 31 May 2015
Certification date 31 July 2015

What would be the time of supply in this case?

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How to determine the time of supply for goods and services? Empty Re: How to determine the time of supply for goods and services?

Post by joseph Mon Mar 09, 2015 10:32 pm

Section 11(2)(c) of the GST Act 2014: time of supply is the time when it becomes certain that taxable supply has taken place.

Per Customs' Guide on Construction Industry, tax invoice or certificate of workdone (21 days rule applies) will trigger the time of supply.

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