Time of Supply Final Paper 5

Kanchenjunga Pvt. Ltd. supplies taxable goods to Sutlej Pvt. Ltd. for Rs. 2,50,000 on 23rd June and issues the invoice on 25th June. Payment for the goods is made by Sutlej Pvt. Ltd. on 15th July. Determine the time of supply of goods for the purpose of payment of tax.

• 23rd June
• 25th June
• 15th July

I buy a set of modular furniture from a retail store. Invoice is issued to me and I make the payment. The furniture is to be delivered to me later in the week when a technician is available to assemble and install it. The next day the rate of tax applicable to modular furniture is revised upward, and the store sends me a supplementary invoice with the delivery note accompanying the furniture to collect the differential amount of tax. Is this correct on store’s part? Which rate of tax is applicable in this case?

• Yes, New Rate
• No, Old Rate

An online portal, Best Info, raises invoice for database access on 21st February on Roy & Bansal Ltd. The payment is made by Roy & Bansal Ltd. by a demand draft sent on 25th February, which is received and entered in the accounts of Best Info on 28th February. Best Info encashes the demand draft and thereafter, gives access to the database to Roy & Bansal Ltd from 3rd March. In the meanwhile, the rate of tax is changed from 1st March. Determine the time of supply of the service of database access by Best Info.

• 21st February
• 28th February
• 3rd March
• 1st March

Mint Industries Ltd., a registered supplier, imports business support services from Green Inc. of USA on 13th August. The self-invoice is raised for the transaction by Mint Industries Ltd. on 28th August. Mint Industries Ltd. makes the payment against the said invoice on 22nd September. Determine time of supply

• 13th August
• 28th August
• 22nd September

Mint Industries Ltd., a registered supplier, imports business support services from Green Inc. of USA on 13th August. The self-invoice is raised for the transaction by Mint Industries Ltd. on 28th August. Mint Industries Ltd. makes the payment against the said invoice on 27th August. Determine time of supply

• 13th August
• 27th August
• 28th August

Kothari Ltd., Mumbai, holds 51% of shares of Wilson Inc., a USA based company. Wilson Inc. provides business auxiliary services to Kothari Ltd. From the following details, determine the time of supply of service provided by Wilson Inc: (i) Agreed consideration - US $1,00,000 (ii) Date on which services are provided by Wilson Inc.-16th June (iii) Date on which invoice is issued by Wilson Inc. - 19th August (iv) Date of debit in the books of account of Kothari Ltd.- 30th September (v) Date on which payment is made by Kothari Ltd. - 23rd December

• 16th June
• 19th August
• 30th September
• 23rd December

KLM Ltd., a publishing and printing house registered in Maharashtra, is engaged in supply of books, letter cards, envelopes, guides and reference materials. The following information is provided by the company for Printing of books:- (i)Date of entering into printing contract - 16th March (ii) Date of receipt of advance - 20th March (iii) Date of completion of printing - 10th April (iv) Date of issue of invoice - 15th May (v) Date of removal of books and letter heads to buyer - 13th May (vi) Date of receipt of balance payment - 31st May In respect of printing of books, content was supplied by the author. Determine the time of supply for the purpose of payment of tax.

• 10th April
• 15th May
• 20th March, 31st May
• 20th March, 10th April

KLM Ltd., a publishing and printing house registered in Maharashtra, is engaged in supply of books, letter cards, envelopes, guides and reference materials. The following information is provided by the company for Printing of envelopes (i) Date of entering into printing contract - 20th March (ii) Date of receipt of advance - 25th March (iii) Date of completion of printing - 5th April (iv) Date of issue of invoice -10th April (v) Date of removal of books and letter heads to buyer - 7th April (vi) Date of receipt of balance payment - 30th April For printing of envelopes, the design and logo were supplied by the buyer. Determine the time of supply for the purpose of payment of tax.

• 5th April
• 7th April
• 10th April
• 25th March, 30th April