ॐ असतो मा सद्गमय
Contract price is more specifically referred to as ‘transaction value’ and that is the basis for computing tax. However, the transaction will not be accepted as the value of supply where the supply is between related persons (including different registrations of the same PAN and principal-agent supplies), or where the consideration payable is not wholly in money.
(ICAI FAQ PUBLICATION 06-09-2017 : Time and Value of Supply -FAQ NO. 43)
No, section 15 and the rules prescribed under this Section are common for supply of goods and supply of services. The provisions of valuation and the rules would apply to composite supplies and mixed supplies equally.
(ICAI FAQ PUBLICATION 06-09-2017 : Time and Value of Supply -FAQ NO. 39)
Yes, you can raise a supplementary invoice / debit note to recover the additional tax from the customer.
(ICAI FAQ PUBLICATION 06-09-2017 : Time and Value of Supply -FAQ NO. 37)
If the supply was complete for such outstanding balances and the invoice is also issued before change in rate of tax then old rate will be applicable. Else the new rate will be applicable.
(ICAI FAQ PUBLICATION 06-09-2017 : Time and Value of Supply -FAQ NO. 36)
(ICAI FAQ PUBLICATION 06-09-2017 : Time and Value of Supply -FAQ NO. 35)
Assuming the supply is completed after the change in rate of tax, new rate will apply.
(ICAI FAQ PUBLICATION 06-09-2017 : Time and Value of Supply -FAQ NO. 33)
If the invoices is also raised before the change in rate of tax then the old rate will be applicable even though the supply is complete after the change in rate of tax. Else, the new rate will be applicable.
(ICAI FAQ PUBLICATION 06-09-2017 : Time and Value of Supply -FAQ NO. 32)
The date of receipt of payment is date of entry in the books of the supplier or date of credit in his bank account, whichever is earlier.
(ICAI FAQ PUBLICATION 06-09-2017 : Time and Value of Supply -FAQ NO. 31)
Three important events need to be considered – Date of raising invoice, receipt of payment and completion of supply. If any of the two events occur before the change in rate of tax then the old rate will apply else the new rate will apply.
(ICAI FAQ PUBLICATION 06-09-2017 : Time and Value of Supply -FAQ NO. 30)
In terms of Section 13(6) of the CGST Act, 2017 the date on which the supplier receives interest, penalty or late fee which forms part of value will be the time of supply.
(ICAI FAQ PUBLICATION 06-09-2017 : Time and Value of Supply -FAQ NO. 26)