Let's move ahead. Let's discuss about reverse charge.
How do we check the time of supply of goods in reverse
charge?
How do we check the date on which they are getting supplied
or not?
First of all, you have to compare the dates.
Which date is first? Date on which goods are received.
The date on which goods are being received.
In this reverse charge point, whatever you have to
calculate, you have to do it from the point of view of the
receiver.
You will not consider yourself as a supplier, but a
receiver.
Why? Because as I told you earlier, in the case of reverse
charge, you are supplying the goods.
But in the case of reverse charge, who is going to deposit
the tax to the government?
Buyer will deposit it.
So whatever we think, we will think from the point of view
of the buyer.
Whatever you have to think, you have to think from the
point of view of the buyer.
So for the buyer, which date will be considered as supply?
What will be considered as which date is being supplied?
Look at that. First of all, date on which goods are
received.
The date on which he gets the goods.
First of all, check that date.
After that, date on which payment is recorded in the books
of the receiver.
He makes his accounts.
When he records the payment there, he validates it.
Third, the date on which the payment is actually debited
from his bank account.
Or last, 31st day from the issue of invoice by the supplier.
You have to see four things.
And whichever is earlier, that will be your time of supply.
You buy goods from someone today.
You receive such goods.
You buy such goods which are covered under reverse charge.
So tax liability, the responsibility of depositing the tax
will come to you.
You are the buyer.
You are the buyer and you buy goods under reverse charge.
So this responsibility will come to you.
Now if I think from your end, then first of all I have to
see the date of receipt of the goods.
On which date have I received the goods?
Then the payment.
On which day is the payment being debited in my bank
account?
Or on which date have I entered the payment in my books of
accounts?
And then our next point is 31st day from the issue of
invoice.
Whichever is earlier, that will be your time of supply.
And if it is not possible to determine through above
parameter, then what is the time of supply in that case?
Date on which goods are recorded in the books of accounts
of the receiver.
The date on which he entered the goods in his books.
Let's see some questions.
Let's see.
Determine the time of supply from the given information.
Supplier has invoiced the goods on the basis of reverse
charge on 4th May.
He has invoiced on 4th May.
So what is the date of issue of the invoice? 4th May.
It had four conditions.
First of all, what is the date of issue of the invoice? 4th
May.
And he is saying that 30 days after the date of issue of
the invoice elapsed on 3rd June.
No problem.
30 days will end on 3rd June.
What is on 12th June?
Date of receipt of the goods.
What is on 3rd July?
He has made his payment on 3rd July.
And when did he record the payment?
Do you have any information about this?
When did he record the payment?
He didn't tell anything.
Whatever is early, we will do.
We will see 31st day from the issue of the invoice.
It will be 31st day from the issue of the invoice.
We will take the date of issue of the invoice where he
entered the payment.
Date on which goods are received.
We will take this one.
Date of issue of the invoice.
It is 4th June.
30th day from the supplier's invoice.
We will take that one.
This is the earliest.
We will take 3-4 dates.
We will put all 3-4 dates in this parameter.
The earliest date will be considered as our time of supply.
Do you have any vouchers?
Sometimes you get gift coupons.
You get gift vouchers.
There is a quiz on radio.
You have to give the correct answer.
What was the name of the heroine in Bajirao Mastani?
Option A, Deepika Padukone.
Option B, Sangeeta Bijlani.
Option C, Madhuri Dixit.
You will say okay.
Option A, Deepika Padukone.
You will say okay.
We have given you gift vouchers worth Rs.1000.
There are two types of gift vouchers.
The first gift voucher is that you know what all you can
buy from that gift voucher.
Like they will specify it for you.
It will be written on the gift voucher that if it is a gift
voucher worth Rs.1000 then you can buy a shirt worth
Rs.1000.
Or you can eat something worth Rs.1000.
I have given you a voucher worth McDonald's.
Or I have given you something worth Rs.1000 that you can
watch a film from it.
And the second voucher does not specify anything.
It does not specify what all you can buy from it.
I have given you a voucher worth Rs.1000.
It will be written on the gift voucher that you can shop
from it for Rs.1000.
It is allowed for Rs.1000.
There is one voucher where it is clearly mentioned that you
can buy a shirt worth Rs.1000.
You can watch a film worth Rs.1000.
You can eat food worth Rs.1000.
The second voucher does not specify anything.
In both the cases, the time of supply of the voucher will
be considered as the time of supply of the voucher.
We have to see that.
Come here.
Look here.
If the supply is not identifiable the supply is not
identifiable at the time of issuance of the voucher then
the date of redemption of the voucher will be considered as
the time of supply of the voucher.
The date at which you exercise the voucher
For example, I have given you a voucher worth Rs.1000.
And I have told you that this is a voucher worth Rs.1000.
You can go to Haldiram and eat anything.
It is not that you can go to Haldiram and eat only Chole
Bhature.
You can go to Haldiram and eat anything.
Or you can buy any sweets.
It is not necessary that you have eaten food.
You can buy sweets as well.
In that case, the exact supply is not identifiable at the
time of issuance of the voucher.
When you are getting the voucher, we don't know whether we
will go there and eat sweets or food.
We don't know this.
So in that case, the time of supply for Haldiram or whoever
is issuing the voucher will be the date of redemption of
the voucher.
And if you get a shirt coupon with which you can only buy a
shirt then in that case, the date of issuance of the
voucher.
Is there any problem?
These are very simple concepts.
There is nothing much.
Residual cases.
Residual cases means that if the situation is not being
covered in forward charge or reverse charge.
Parameters are not fitting in every case.
It is not necessary that we have the information about
parameters.
We don't have information about some things.
So what should we do?
There are 2-3 cases above.
Even in those 2-3 cases, it is not being covered.
So what should we do?
For that, a residual section has been brought.
Section 12.5.
It says that if the situation is not being covered
anywhere, if it is not covered by the provisions discussed
above, then what will happen in that case?
What will be the time of supply?
Due date of filing the periodical return or in any other
case, date on which GST is being paid.
The date on which you are filing the return, if you are
filing the periodical return, if you are covered in that
provision, if you are filing the periodical return, then it
is okay.
Date of the return.
Otherwise, the date on which you are paying GST, that date
will be considered as the time of supply.
These are the points.
What is the last point?
The last point is that sometimes the supply is such that if
you buy a product worth Rs.
1 lakh from someone, for example, we bought a product worth
Rs.
2 lakh.
In that case, we were very honest and that is why we used
to give him money.
But suppose there is a person like me, a very dishonest
person, what will he do in that case?
He will say, do one thing, make a bill for me.
You make my bill and I will pay you within 2 months.
Give me a credit period of 2-3 months.
Give me a period of 2-3 months.
I don't have money.
Give me a period of 2-3 months.
I will pay you within 2-3 months.
He said, okay sir.
He put a condition that if you pay within 2 months, well
and good.
But if you don't pay within 2 months, if you don't pay
within 2 months, then what will happen in that case?
Sir, in that case, you will be charged with being
dishonest. interest of 1% and 2%. By specifying the
conditions, you made an agreement and gave it to me.
Okay, the credit period is for 2 months. After 2-3 months,
you will be charged 2% interest.
Okay. Now, the interest he is charging, suppose I am not
able to pay within 2 months.
I am not able to pay. I pay within 3 months. So, 2%
interest is charged on me.
So, how much is 2% of 2 lakhs? 4,000 rupees. He charged
4,000 rupees interest on me.
Now, is this a supply for him? I am paying him 4,000 rupees.
So, is he giving me any services in return? For 2 lakhs, I
believe it was goods.
Supply of goods was there. Supply of goods was there.
Because of that, I had to give 2 lakhs as a consideration.
Think about it. Come to the chapter of supply.
Sale of goods was there. My consideration was 2 lakhs.
In this case, I am paying 4,000 rupees interest.
First of all, is it a supply?
Who all are saying that it is a supply? And who all are
saying that it is not a supply?
Can anyone tell me? You are saying that it is a supply.
You are saying that it is a supply.
And what are you saying?
You are saying that it is not a supply.
Friends, what do you say? Think about it once.
Brother, when the chapter of supply was taught,
Schedule 2 was also taught.
In that, I had told one thing that sometimes the late
payment that you do, late charges etc.
are collected from you.
So, is that also a supply of services?
He is tolerating this opportunity, this thing that you are
paying him late.
So, he is giving you a service in a way.
He is forbearing you.
So, this is considered as a supply of service.
Open the lecture of Schedule 2 and see.
This is considered as a supply of service.
And in a way, it is a supply of service.
And he is charging you 4,000 rupees as a consideration.
So, in that case, what will be considered as a time of
supply?
Sir, in that case, it is a different kind of supply.
Sale of goods, the sale of sariya was ours.
Sale of sariya is a different thing.
We had seen its provisions above.
But here, we are talking about interest.
That is a different kind of supply.
Supply of service.
What kind of service?
The one who is tolerating, that late payment is coming to
him.
He is tolerating my late payment.
He is forbearing.
Remember, we had studied in Schedule 2.
He is forbearing this thing.
That the other person is giving me a late payment.
If he gives me a late payment, then I will charge interest.
In return, he is taking interest.
He is giving service of tolerating late payment.
And what is he taking in consideration?
He is taking interest from you in consideration.
This is the thing.
This is service.
This is consideration, sir.
So, in this case, it is a different kind of supply.
So, what will be considered as a time of supply?
The date at which he got it.
Time of supply, in case of addition in value, on account of
interest, for delayed payment, is the date on which
supplier receives the money.
The date on which you receive the interest, the date on
which the supplier, the shopkeeper, the broker, the date on
which he receives the interest, that date will be
considered as his time of supply.
There are two types of supply.
Sale of goods is different.
There was an agreement of 2 lakh rupees.
That thing is different.
Where he is tolerating my late payment, and what he is
tolerating is a supply of service as per schedule 2.
And in return, he is taking consideration from me.
And what is consideration?
It is interest.
And what is the time of supply of that interest?
The date at which he actually receives it.
Look at the example.
Read his example once.
What does he say?
Radha Traders sold goods to Shyam Sales on 6th June.
With the condition that we will charge 2% interest per
month if Shyam Sales does not pay within 15 days.
This is the condition.
You have delivered the goods on 6th June.
Shyam Sales has given you money on 6th July.
So, the time of supply, if he has made a late payment, then
2% interest will be charged.
The time of supply of the goods sold is the date of issue
of invoice, 6th June.
The first supply is of sale of goods.
Look at that separately.
What is that?
Date of issue of the invoice.
And what is the time of supply of interest?
The date at which you actually receive that interest.
That is the time of supply of interest.
This is the point.
Look at this once.
This is the entire chart that we have studied today.
If you want to make a revision, do it.
Forward charge, reverse charge.
Vouchers.
And the last one that we have studied, interest.
All these things are covered here.
Look at it.
Ok friends.
I will stop this lecture here.
This was section 12.
Section 12 was about the time of supply of goods.
What will happen if it is goods of forward charge?
What will happen if it is goods of reverse charge?
In the next lecture, I will discuss about services.
If the services are of forward charge, then how do we get
the time of supply of those?
And if the services are of reverse charge, then how do we
get the time of supply of those?
Till then, take care of yourself and keep on revising.
I will meet you in the next lecture.
Thank you very much friends.