The date of supply for a transaction is the date on which taxes are levied on the goods and services.
Basic tax points for goods:
- Date of removal of goods (in case of supply of goods with transportation)
- Date on which goods made available to customer (in case of supply not involving transportation)
- Date of assembly/installation (supply of goods involving assembly or installation)
Basic tax point for services:
- Date on which the performance of service is complete
Special tax point: If any of the following events take place before the basic tax point, it will be considered a tax point for accounting for VAT:
- Payment is received
- Tax invoice is issued
Tax point for supply of continuous services: In case of continuous services over a period of several months or years, the time of supply will be the earlier of the receipt of payment or the issuance of the tax invoice.