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What is Time of supply of vouchers exchangeable for goods ?

What is Time of supply of vouchers exchangeable for goods ? As per section 12(4), the time of supply of vouchers exchangeable for goods is- Date of issue of the voucher, if the supply that it covers is identifiable at that point, or Date of redemption of the voucher in other cases. Note: “ Vouchers” are instruments that can be exchanged as payment for goods or services of the designated value. As per the definition, they are instruments, that certain persons (potential suppliers) are obliged to accept as consideration, part or full, for goods and/or services. Example Stark Limited sells food coupons to a company. The company gives these coupons to its employees as part of the agreed perquisites. The coupons can be redeemed for purchase of any item of food /provisions in the outlets that are part of the program. As the supply against which the coupon will be redeemed is not known on the date of the sale of the coupon, the time of supply of the coupon will be the date...
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Time of supply when interest, late fee or penalty for late payment is received

Time of supply when interest, late fee or penalty for late payment is received  Section 12(6) prescribes that time of supply in case of addition in value by way of interest/ late fee/penalty for delayed payment of consideration for goods. The time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall   be the date on which the supplier receives such addition in value. This is small mercy. Otherwise, they would have asked taxable person to pay GST as soon as demand of interest, late fee or penalty is issued to recipient. Example Stark Traders sold goods to Sharma Sales on 6th June with a condition that interest @ 2% per month will be charged if Sharma Sales failed to make payment within 15 days of the delivery of the goods. Goods were delivered as also the invoice was issued on 6th June. Sharma Sales paid the consideration for the goods on 6th July al...
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Alok Industries Latest news today | alok industries manufacturing ppe kit | alok industries news

RIL’s newly acquired manufacturing capacities of Alok Industries in Silvassa were re-engineered to manufacture PPE material and 10,000 people were employed for this. Production started in mid-April and has been ramped up to over 100,000 PPE a day. Reliance executives said that the company has been able to bring down the PPE pricing to nearly 650 apiece as against an average price of 2,000 a piece for the imported ones. RIL also ramped up special melt blown polypropylene to support domes .. So, the expected profit for the quarter end June 2020, will rise. Suppose, selling price of each PPE Kit will be ₹ 650 each and manufacturing cost is roughly taken ₹ 600 each, then company is generating ₹ 50 * 1,00,000 = ₹ 50,00,000 lakh profit daily. If we accumulate this profit for first quarter end march 2020 will be 45 crore (50 lakh * 90 days). Actual figure may be different because this is just the assumption for only PPE Kit profit.
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