Economics · Goods and Services Tax

Consider the following statements regarding the 'Time of Supply' provisions under the GST law: Statement 1: In the GST ecosystem, the time of supply of goods is generally determined by the date of issue of the invoice by the supplier or the last date on which he is required to issue the invoice, and the date of receipt of payment is no longer a factor for most taxpayers. Statement 2: For the time of supply of services, the law considers the earlier of the date of issue of invoice or the date of receipt of payment, provided the invoice is issued within the prescribed period of 30 days from the provision of service. Statement 3: In a scenario where a bank provides services to its customers, the prescribed period for issuing an invoice is extended to 45 days instead of the usual 30 days. Statement 4: If an invoice for services is not issued within the 30 or 45-day period, the time of supply becomes the date of provision of the service or the date of receipt of payment, whichever is earlier. Statement 5: For supplies taxable under the reverse charge mechanism, the time of supply for goods is the earliest of the date of receipt of goods, the date of payment, or 30 days from the date of issue of invoice by the supplier. Statement 6: For supplies taxable under the reverse charge mechanism for services, the time of supply is the earlier of the date of payment or 60 days from the date of issue of invoice by the supplier. Statement 7: In the case of supply of vouchers, the time of supply is the date of issue of the voucher if the supply is identifiable at that point, or the date of redemption of the voucher if the supply is not identifiable at the time of issue. Which of the following describes the legal accuracy of the statements provided above?