What triggers the liability to pay tax under Section 13 of the CGST Act, 2017?

The liability to pay tax arises at the time of supply of services, as determined by the provisions of Section 13.

Fill in the blank: The time of supply for goods is determined by the earlier of the date of ______ or the date payment is ______ in the supplier's bank account.

Issue of invoice; credited

Describe the time of supply for services when the supplier receives a payment exceeding the invoice amount.

For an excess amount up to Rs. 1000, the supplier can choose the date of invoice for the excess amount as the time of supply.

True or False: An invoice for services provided by an insurer must be issued within 30 days.

False. An invoice for services provided by an insurer must be issued within 45 days.

What is the significance of the date of entry in the books of accounts for the time of supply under reverse charge?

Date of entry is significant.

• Determines time of supply.

• Affects tax liability timing.

• Ensures compliance with laws.

Fill in the blank: According to Section 13(4) of the CGST Act, the time of supply for vouchers is the earliest of the date of ______ or the date of ______ the voucher.

Issue of voucher; redemption of

What is the time of supply for interest, late fees, or penalties as per Section 13(6) of the CGST Act?

The time of supply is the date on which the supplier receives the additional amount in value.

Riddle: I determine when tax is due, based on invoices and payments too. What am I?

Time of supply

Explain the time of supply for a scenario where payment is made but the invoice is issued later.

The time of supply is determined by the earlier date of either the invoice issuance or the payment received.

Multiple Choice: Which of the following is NOT a criterion for determining the time of supply under Section 13? (A) Date of invoice (B) Date payment is credited (C) Date of supplier's registration (D) Date of payment debited

C

What happens if the invoice is not issued within the prescribed time frame?

Invoice delays cause complications.

• Affects cash flow management.

• May lead to tax issues.

• Impacts supplier relationships.

Fill in the blank: Under Section 13(3), the time of supply is the earliest of the date of payment entered in the ______ or the date payment is ______ from the recipient's bank account.

Books of account; debited

True or False: The time of supply for services provided on a reverse charge basis is determined solely by the date of invoice.

False. It is determined by the earliest of the date of payment in the books, the date debited from the account, or 60 days post-invoice.

What is the significance of Rule 47 of the CGST Act regarding the issuance of invoices?

Rule 47 stipulates that invoices must be issued within 30 days from the date of supply, ensuring timely documentation for tax purposes.