Tax Consultant

Value of Supply   Related Definitions :- “open market value” of a supply of goods or services or both means the full value in money, excluding the integrated tax, central tax, State tax, Union territory tax and the cess payable by a person in a transaction, where the supplier and the recipient of the supply are not related and the price is the sole consideration, to obtain such supply at the same time when the supply being valued is made.   “supply of goods or services or both of like kind and quality” means any other supply of goods or services or both made under similar circumstances that, in respect of the characteristics, quality, quantity, functional components, materials, and the reputation of the goods or services or both first mentioned, is the same as, or closely or substantially resembles, that supply of goods or services or both. Provisions or Sections determine   Value of Supply Under GST Act, 2017 Value of supply determined as per the Section ...

Time of Supply Meaning :-   Time of supply means the time when the liability to pay the tax under Goods and Services Tax Act, 2017 arises.     It may differ from the time of actual supply of goods & services. There are separate provisions under the GST law for determination of the time of supply of goods and time of supply of services. 1.        Time of Supply in Case of Supply of Goods :-   A.       Time of Supply of Goods :-   1.        Section 12 of the CGST Act 2017, deals with the provisions related to time of supply of goods and by virtue of Section 20 of the IGST Act 2017, these provisions are made applicable to inter-State supplies of goods. 2.        Time of supply of goods is earliest of the following dates: Ø   Date of issue of invoice by the supplier; Ø   Last date on which the supplier is required to is...