The time of supply shall be the due date of payment, if ascertainable from the contract. If not ascertainable, it
will be earliest of date of receipt of payment or the date of issue of invoice or completion of event where payment is linked to completion of event.
Let’s say there was increase in tax rate from 18% to 20% w.e.f. 1.6.2017. What is the tax rate
applicable when services provided and invoice issued before change in rate in April 2017, but payment received after change in rate in June 2017?
The old rate of 18% shall be applicable as services are provided prior to 1.6.2017.