TAXABLE EVENT AND TAX INVOICE
TAXABLE EVENT
- Supply of services are taxable on the date invoice ought to have been issued or receipt of advance whichever is earlier.
- Supply of goods are taxable only on the date, invoice ought to have been issued and not on receipt of advances.
TAX INVOICE
Supply of Goods:
- Tax Invoice shall be issued at the time of removal if there is movement of goods
- Tax Invoice shall be issued at the time of delivery if there is no movement.
- Tax Invoice shall be issued within 6 months from the date of removal if supply is made on sale on approval basis.
- Thus supply of goods shall be taxable on the date of issue of invoice.
Supply of Services:
- Tax Invoice should have been issued within 45 days of supply of banking and insurance services.
- Tax Invoice should have been issued within 30 days of supply of other services.
- Thus supply of services shall be taxable on the date of issue of invoice.
However, if tax invoice is not issued within the time mentioned above, the supply of goods / services shall still be taxable on the date invoice ought to have been issued.
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