ॐ असतो मा सद्गमय
Generally, in terms of Section 12 of the CGST Act, 2017, the time of supply of goods 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 OF SUPPLY OF GOODS : FAQ NO 2)
The provisions relating to time of supply of goods / services are relevant in ascertaining the time to remit the taxes on a particular transaction involving supply of goods / services under the GST Law. The CGST Act, 2017 provides separate provisions for time of supply of goods and services viz., Section 12 for time of supply of goods and Section 13 for time of supply of services.
(ICAI FAQ PUBLICATION 06-09-2017 TIME OF SUPPLY OF GOODS: FAQ NO. 1)
Seeds are those parts of the plant that can germinate without debris, without infections and give rise to another plant of same species & sold ultimately to farmers. The seeds are often consumed. In order to differentiate between grain that is not suitable for germination or not intended for germination, exemption entries qualify the grain with the words ‘of seed quality’.
(ICAI FAQ PUBLICATION 06-09-2017 EXEMPTION ON SUPPLY OF GOODS : FAQ NO. 25)
Freezing is a deliberate process of rapid cooling to preserve the product for an
unnaturally long duration of time. Exemption that is to be allowed for normal storage duration is identified by attaching such a qualification – fresh or chilled but not frozen.
(ICAI FAQ PUBLICATION 06-09-2017 EXEMPTION ON SUPPLY OF GOODS: FAQ NO. 24)
This is because exemption is sought to be extended only to a small sub-set of goods coming within that HSN heading.
(ICAI FAQ PUBLICATION 06-09-2017 EXEMPTION ON SUPPLY OF GOODS : FAQ NO. 23)
Yes, alcohol is an exempt good though it is not leviable to tax. It is required to treat all non-leviable goods and leviable-but-non-taxable goods to be classified as exempt goods in order to restrict input tax credit.
(ICAI FAQ PUBLICATION 06-09-2017 EXEMPTION ON SUPPLY OF GOODS: FAQ NO. 22)
Five petroleum products i.e., petroleum crude, high speed diesel, motor spirit, natural gas and aviation turbine fuel are excluded from levy for the time being and as such petrol is non-taxable good.
(ICAI FAQ PUBLICATION 06-09-2017 EXEMPTION FROM SUPPLY OF GOODS: FAQ NO. 21)
Supply of exempt goods is considered non-taxable so that such supplies do not trigger registration, claim for input tax credit and other relevant provisions. But existence of exemption itself indicates that there was a levy of tax but the exemption granted.
(ICAI FAQ PUBLICATIONS 06-09-2017 EXEMPTION ON SUPPLY OF GOODS: FAQ NO. 20)
Valuation adjustments prescribed either in the CGST Rules or in any Rate Notification will not affect ITC because ITC adjustment is only possible under section 17(2).
(ICAI FAQ PUBLICATIONS 06-09-2017 EXEMPTIONS: FAQ NO. 19)
Rate of GST is required to prescribe the applicable tax and then exemption would be to render the tax inapplicable in certain specific circumstances.
(ICAI FAQ PUBLICATIONS 06-09-2017 EXEMPTIONS: FAQ NO. 18)