Time of supply for vouchers

In the case of supply of vouchers, the time of supply is determined as:

*the date of issue of voucher, if the supply can be identified at that point
OR
*the date of redemption of voucher, in all other cases

When the time of supply cannot be determined, then it will be:

*the date on which a periodical return has to be filed
OR
*the date on which the CGST/SGST is paid, in any other case

In the GST regime, the tax collection event will be the earliest of the dates as given above. The various events like issuing an invoice or making a payment in case of supply of goods/ services or completion of event, in case of supply of service triggering the tax levy, confirms that the government wants to ensure the tax is collected at the earliest point of time. This will be altogether a new concept for the current VAT and central excise taxpayers.

Calculating Value of Supply under GST