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Rule 47 of CGST Rules prescribes the time limit for issuing a tax invoice by an insurer/banker/NBFC for taxable services as:
A30 days
B60 days
C45 days
D90 days
Answer & Solution
Correct answer: C. 45 days
1. Rule 47 read with the proviso to Sec 31(2) extends the time limit to 45 days for insurers, banking companies, financial institutions and NBFCs.
2. For all other suppliers of services, the limit remains 30 days from supply.
3. Beyond this limit, Sec 13(2)(b) shifts time of supply to the date of provision of service.
_Source: ICAI BoS CA Final Paper 8, Ch 4 "Time of Supply", §Rule 47_
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