GST Levy Time and Value | About GST Bill

In order to know about the GST  Bill one has to first understand the purpose  – If we talk about GST Bill  – it is a Value added Tax (VAT) is proposed to be an inclusive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. GST Bill will replace all indirect taxes levied on goods and services by the Indian Central and state governments.

We now move from discussing about GST Bill to the topic GST Levy Time and Value which covers Section – 12, 13, 14 and 15 to provide the associated clauses to estimate the tax levy time and estimation of value of goods and services.

Section 12. Time of supply of goods comprehensive

The section explains that  for the purposes of clauses (a) and (b), the supply shall be deemed to have been made to the extent it is covered by the invoice or, as the case may be, the payment. Also for the purpose of clause (b), “the date on which the supplier receives the payment” shall be the date on which the payment is entered in his books of accounts or the date on which the payment is credited to his bank account, whichever is earlier.

Section 13. Time of Supply of Services

This section states that for the purposes of clauses (a) and (b), the supply shall be deemed to have been made to the extent it is covered by the invoice or, as the case may be, the payment. Also for the purpose of clause (b), “the date on which the supplier receives the payment” shall be the date on which the payment is entered in his books of accounts or the date on which the payment is credited to his bank account, whichever is earlier.

Section 14. Change in rate of tax in respect of supply of goods or services

For this section, “the date of receipt of payment “shall be the date on which the payment is entered in the books of accounts of the supplier or the date on which the payment is credited to his bank account, whichever is earlier

Section 15 Value of taxable supply

The amount of subsidy shall be included in the value of supply of the supplier who receives the subsidy.

 

 

Back to GST Tutorial Main Page