Date of Supply
Transitional Rule : Ex: customer X buys a car on 30th Nov 2017 Possession of car given on and after 1stJan 2018 then the transaction is liable to VAT. After 01/01/2018 , Tax shall be calculated on the date of supply of Goods or Services, which shall be earlier of any of the following dates:
- The date on which Goods were transferred, if such transfer was under the supervision of the supplier.
- The date on which the Recipient of Goods took possession of the Goods, if the transfer was not supervised by the supplier
- Where goods are supplied with assembly and installation, the date on which the assembly or installation of the Goods was completed.
- The date on which the Goods are imported under the Customs Legislation.
- The date on which the Recipient of Goods accepted the supply, or a date no later than (12) months after the date on which the Goods were transferred or placed under the Recipient of Goods disposal, if the supply was made on a returnable basis.
- The date on which the Services were completed.
- The date of receipt of payment or the date on which the Tax Invoice was issued.