Time of Supply, Place of Supply Classification and Valuation of Supplies :
Goods & Service Tax is leviable on supply of goods and services, time of supply attains a great importance to decide rate of tax, value and due dates for payment of tax. This aspect attains more significance when there is a change in the rate of tax. In terms of Sections 12 and 13 of CGST Act, Time of supply means the point in time when goods/ services are deemed to be supplied for determining liability of GST on them. The law provides for separate provisions for time of Supply for gods and time of supply for services.