Point of Taxation is a crucial concept in Goods and Service Tax (GST) in India. It determines the exact time when a supply is considered to have taken place for GST purposes. Generally, the point of taxation for goods is date of removal of goods from the place of business of the supplier and for Service the point of taxation is earlier of:-
a) Date of issue of invoice OR
b) Date of Receipt of Payment.
Correctly identifying the point of taxation ensures that GST is calculated and paid at the right time. The point of Taxation directly impacts the availability of ITC for businesses. The correct point of taxation is essential for compliance with GST regulations and avoidingpenalties.Our team of experts helps to determine the point of taxation under GST, ensuring youunderstand when the tax liability arises. We guide you on time of supply, invoice dates, and payments receipts to accurately account for GST and avoid potential penalties.