Home › CA Final › indirecttaxlaws › Time of Supply › A continuous supply of services where the contra…
A continuous supply of services where the contract provides for a quarterly payment due on the 10th of the month following the quarter. Invoice for Q1 (Apr-Jun) must be issued by:
A10th July
B1st July
C30th June
D30th July
Answer & Solution
Correct answer: A. 10th July
1. Sec 31(5)(a) — invoice on or before the due date of payment.
2. Q1 ends 30 June; payment due date per contract = 10 July (10th of month following quarter).
3. Therefore the invoice must be issued on or before 10 July.
_Source: ICAI BoS CA Final Paper 8, Ch 4 "Time of Supply", §Sec 31(5)(a)_
Related questions
Mr. K sells goods to Mr. L on 1 Aug 2024 (forward charge). He issues invoice on 1 Aug, desFor continuous supply of goods, the tax invoice is to be issued:Time of supply for an addition in value of supply by way of interest, late fee or penalty Under Sec 13(3) for services under reverse charge, time of supply is the earlier of:If an invoice for a continuous supply of services where due date IS NOT ascertainable fromSection 14 governs change in rate of tax. If supply is COMPLETED before the change but invFor services, an advance is received before the service is provided. Tax liability arises:Time of supply of a voucher under Sec 12(4)/13(4): if the supply is identifiable at the ti