Section 14 of CGST Act, 2017 states the provisions about Change in rate of tax in respect of supply of goods or services.
1. What aspects are to be looked upon in case of Change in rate of tax in respect of supply of goods or services?
Not with standing anything contained in section 12 or section 13, a combination of time of supply of goods or services, invoice and payment decided the time of supply and accordingly applicable rate of tax is decided. Meaning there, if there is change in rate of tax, then section 14 shall prevail and the time of supply is to be decide s per Section 14 only instead of section 12 or Section 13.
2. What is the provision in case of change in rate of tax of the goods or services?
3. What is the date of receipt of payment?
For the purposes of this section, "the date of receipt of payment" shall be the date on which the payment is entered in the books of account of the supplier or the date on which the payment is credited to his bank account, whichever is earlier. Provided that the date of receipt of payment shall be the date of credit in the bank account if such credit in the bank account is after four working days from the date of change in the rate of tax.
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