Yes friends, how are you?
Great fun outside
Enjoying life
We were reading the chapter of Time of Supply
Very good chapter
I found it very simple and easy topic
I didn't find anything to explain or any such thing which I
didn't understand
I was finding the chapter fine
In fact, when I used to study
I used to find the chapter very easy and at the time of
revision it used to take me 4-5 minutes to revise the whole
chapter
If you see the chapter of Time of Supply
In the case of Time of Supply there is a forward charge and
a reverse charge
There is nothing simple in vouchers
It is the same in services
In services, there is a forward charge and a reverse charge
After that, there will be vouchers
Both the vouchers have the same point
Both have the same point of interest in goods and services
There is nothing left in this chapter
Let's come to the point of services
Before starting the point of services
I will focus on Section 31
What did Section 31 say?
Section 31 used to tell us to which date we had to cut the
invoice to which date we had to cut the invoice
So, why is it required?
Why is Section 31 required?
Why am I not reading directly about Time of Supply?
First, why are you teaching me about Section 31?
Friends, it is required because you will get to know the
dates after reading Section 31 you will get to know the
date which is the last date when you have to cut the
invoice because the requirement of this lies in Time of
Supply
The date of issue of invoice or the last date when you have
to cut the invoice
That is why you have to read Section 31
Definitely more
It is very simple
In the case of services when do we cut the invoice?
Let's check what it says
Time limit for issue of invoice for supply of services
What does it say?
Till when do we have to cut?
As per Section 31.2
Read with Rule 47
The tax invoice needs to be issued either before the
provision of service or within 30 days
When do you have to cut the tax invoice?
Either when you are providing the service or before that or
when you have provided the service within 30 days you have
to cut the invoice
Definitely more
Sir, I am a Chartered Accountant
I am a Chartered Accountant
I give some services to my client
Some are Audit Services
Some are Taxation Services
Some are Professional Services
I raise the invoice
Till when do I raise the invoice?
Either I raise the invoice before the provision of service
Point No.1
Or when do I raise the invoice?
When my service is completed within 30 days
I issue the invoice
But if it is an insurance company or banks or NBFCs
Then I issue the invoice within 45 days
Point No.2
Continuous Supply of Services
What does continuous supply of services mean?
If you are having continuous supply of services then in
that case what is your invoice?
Till when do you have to cut the invoice?
Till when do you have to pay the bill?
In that case continuous supply of services
First of all
What is Continuous Supply of Services?
What is Continuous Supply of Goods?
We know that you gave the example of bricks.
That you are supplying bricks to a construction company.
In this case, what is Continuous Supply of Services?
Are services supplied on a continuous basis?
Sir, there is an example.
Let's understand the example.
For example, you buy internet services.
You buy internet services.
Billing is done every month.
Or sometimes it happens that you pay for 6 months.
Billing cycle runs for 6 months.
If you want to take another example, let's take the example
of construction work.
Construction work is going on.
So in the case of construction, let's say GST is applied in
your case.
So that is a Continuous Supply of Services.
In the case of construction of an immovable property, that
is also a Continuous Supply of Services.
What is the parameter of this?
What does it mean?
Let's come to the definition first.
Continuous Supply of Services are provided, or they are
agreed to be provided, continuously for a period exceeding
3 months.
If you supply any service for more than 3 months, if you
make such a contract, that you will supply services for
more than 3 months, then in that case, if you have a
contract for more than 3 months, that you will supply
services, then it is called Continuous Supply of Services.
See, provided or agreed to be provided, on a recurring
basis, under a contract, for a period exceeding 3 months,
with periodic payment obligations.
Okay? So, till when do we have to pay the bill?
Till when do we have to pay the bill?
In the case of Continuous Supply of Services, in the case
of internet, or in the case of building construction, that
is a Continuous Supply of Services.
In that case, till when do you have to pay the bill?
See, on or before due date of the payment.
On or before due date of the payment.
For example, I am constructing this building, and I have
said that, this building will be constructed within 2 or 3
years.
So, according to that,
I have fixed due dates, that you will pay the first payment
at the end of the first year, you will pay the second
payment at the end of the second year, and you will pay the
third payment at the end of the third year.
That means, 31st December of the first year, 31st December
of the second year, and 31st December of the third year.
So, I have fixed the due date of payment.
So, if the due date of payment is fixed, then before that,
or at that time,
I will pay the bill to the client.
Is the point clear?
What are we studying, Sir?
Sir, we are studying Section 31.
Sir, what happens in this?
In this, we are studying that, in the case of services,
till when do we have to pay the bill?
So, Sir, what is this?
This is Continuous Supply of Services.
A service, runs for more than 3 months.
This is a construction work.
This is an internet work.
So, in that case, if the due date is fixed in the contract,
that this date has to be paid, then at that date, you will
pay the bill to the client.
What does the second one say?
It says, suppose, if we don't know the due date of the
payment,
I have not fixed the due date of the payment.
Okay, Sir?
You have not fixed the due date of the payment.
Okay, as and when I get the payment, whenever I feel like,
whenever I get the payment,
I will pay the bill.
As and when the client pays me, he will get the bill from
me.
Okay, Sir?
And the third one, what does the third one say?
On or before the date of completion of the event, when the
payment is linked to the completion of the event.
This is what it says, which is very practical in the case
of projects.
I am giving a very practical example.
For example, if you go to a society or a flat, they say,
how will you pay the bill?
The date on which my structure, the day on which the first
floor will be ready, on that day, you will pay 10% of the
bill.
The day on which the second floor will be ready, you will
pay 10% of the bill.
And the day on which the entire building will be ready, you
will pay 70% of the bill.
And the day on which
I get the completion certificate, the day on which I get
the completion certificate, on that day, whatever is
remaining, you will pay for it.
You must have heard of this.
That the first floor will be ready, you will pay 10%.
And then the second floor, you will pay 10%.
The building will be ready, you will pay 70%.
You will get the completion certificate, you will pay 10%.
I linked it with an event.
This is an event.
The first floor will be ready, and I will get 10% of the
bill.
The second floor will be ready, and I will get 10% of the
bill.
The entire building will be ready, and I will get 70% of
the bill.
I linked it with an event.
When will I raise the bill?
On or before the date of completion of the event.
The day on which the event is completed, the day on which
the first floor is ready, the day on which the second floor
is ready, the day on which the building is ready, on that
day, on that day,
I can raise my bill.
On that day,
I can issue my invoice.
Do you know the due date of payment?
There is continuous supply of service.
If you know the due date of payment, then raise the bill on
that day.
If you know the due date of payment, but you are receiving
the payment, then raise the bill on that day.
you can raise the bill on the day when the event is being
received.
You can raise the bill on the day when the event is being
received.
This is the continuous supply of service.
What is the normal service?
Either you can raise the bill before you are giving the
service or you can raise the bill within 30 days.
This was section 31, for which a little bit of information
is necessary.
A little bit of information is necessary.
Come to the topic of time of supply of service.
Now you have understood this.
You have to take care of the services.
So, how long do you have to raise the bill?
Either before you are giving the service or within 30 days.
The weather outside is stormy.
Why does this happen whenever a great sage, a learned
person, sits down to meditate?
Nature does not let him meditate.
It troubles him or disappoints him.
It tries to ruin his meditation.
Why does this happen, friend?
Why does this happen?
What is this, Ma'am?
Our job is to work hard.
We have come here to work hard, sir.
And those who work hard never lose.
As it is said, those who try never lose.
Koshish is a small word.
But if you think about it,
then it is such a big thing.