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If an invoice for a continuous supply of services where due date IS NOT ascertainable from the contract is to be issued, the time limit is:
AOn or before the date the supplier receives payment
B30 days from supply
CLast date of the FY
DDate contract signed
Answer & Solution
Correct answer: A. On or before the date the supplier receives payment
1. Sec 31(5)(b) — when due date of payment cannot be ascertained from the contract, invoice must be issued on or before the date of receipt of payment.
2. Sec 31(5)(a) covers ascertainable due dates; Sec 31(5)(c) covers event-linked payments.
3. Time of supply under Sec 13(2) follows from the date of this invoice (or payment, whichever earlier).
_Source: ICAI BoS CA Final Paper 8, Ch 4 "Time of Supply", §Sec 31(5)(b)_
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