In terms of Section 2(32) of the CGST Act, 2017, ‘continuous supply of goods’ means a supply of goods which is provided, or agreed to be provided, continuously or on recurrent basis, under a contract, whether or not by means of a wire, cable, pipeline or other conduit, and for which the supplier invoices the recipient on a regular or periodic basis and includes supply of such goods as the Government may, subject to such conditions, as it may, by notification, specify. Due date for issuance of invoice in terms of Section 31(4) involving successive statement of accounts (SOA) or successive payments is:
Before/ at the time of issue of each SOA or
Before/ at the time of receipt such successive payment
Accordingly, the time of continuous supply of goods, in terms of Section 12 shall be the earliest of the following:
(a) Date of issue of invoice; or
(b) Due date of issue of invoice; or
(c) Date on which payment is entered in books of accounts of the supplier; or
(d) Date on which payment is credited to the bank account.
(ICAI FAQ PUBLICATIONS 06-09-2017 TIME FOR SUPPLY OF GOODS: FAQ NO. 11)