Time of supply of goods and services :
♦ The provision of ‘Time of Supply’ determine when tax becomes payable and what would be rate at which GST is payable.
♦ Generally, GST is payable when supply is made or when payment is received, whichever is earlier.
♦ GST is payable when advance received from recipient, even if supply is to be made later. However, GST is not payable on ‘adjustable deposit’.
♦ GST is payable on monthly basis by 20th of following month. Monthly return is also required to be filed on same day.
♦ Small taxable persons have to file quarterly return and pay tax on quarterly basis