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Time of supply

Indirect Taxation

Time of supply is date of issue of invoice or the date on which required to beissued is earlier Then why did they exclude composition tax suplier

Banda Veeresh

CA Inter

★ 35K+

18-Jan-21 10:39

313

Answers (6)

Can you elaborate your query?

CA Suraj Lakhotia

Admin

18-Jan-21 10:42

If advance payment is recieved by composite supplier inrespect of supply of goods.then what is time of supply

Thread Starter

Banda Veeresh

CA Inter

★ 35K+

19-Jan-21 11:51

Time of supply is date of invoice only ð???

Shiva Teja

Faculty

19-Jan-21 17:46

They excluded only because composition supplier pays tax on quarterly basis based on the invoices issued in that quarter

Shiva Teja

Faculty

19-Jan-21 17:47

I understood that composite supplier pay gst on Turn over of the quarter. But how will a regular scheme tax payer pay gst ?

Thread Starter

Banda Veeresh

CA Inter

★ 35K+

19-Jan-21 18:02

Thread Starter

Banda Veeresh

I understood that composite supplier pay gst on Turn over of the quarter. But how will a regular scheme tax payer pay gst ?

The taxpayers registered under regular scheme must file returns monthly. Every registered regular taxpayer must make GST payment with a due date â?? 20th of every month along with the submission of GSTR-3B return. Payment of taxes are paid at prescribed rate on the turnover (Interstate sales as well as local sales.) with the adjustment of input tax credit.