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Under Sec 12(3) for goods supplied under reverse charge, time of supply is the earliest of:
ADate of receipt of goods, date of payment, or 30 days after invoice
BDate of invoice only
CDate of payment only
DDate of registration
Answer & Solution
Correct answer: A. Date of receipt of goods, date of payment, or 30 days after invoice
1. Sec 12(3) prescribes RCM time of supply for goods.
2. It is the EARLIEST of: (a) date of receipt of goods, (b) date of payment entered in recipient's books or debited from bank (whichever earlier), and (c) the date IMMEDIATELY AFTER 30 days from date of invoice.
3. If none of these can be determined, the date of entry in the recipient's books is the fallback.
_Source: ICAI BoS CA Final Paper 8, Ch 4 "Time of Supply", §Sec 12(3)_
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