Section 12(2) in The Central Goods and Services Tax Act, 2017
(2)The time of supply of goods shall be the earlier of the following dates, namely:-(a)the date of issue of invoice by the supplier or the last date on which he is required, under [OMIT] [Omitted 'sub-section (1) of' by Act No. 31 of 2018, dated 29.8.2018.] section 31, to issue the invoice with respect to the supply; or(b)the date on which the supplier receives the payment with respect to the supply:Provided that where the supplier of taxable goods receives an amount up to one thousand rupees in excess of the amount indicated in the tax invoice, the time of supply to the extent of such excess amount shall, at the option of the said supplier, be the date of issue of invoice in respect of such excess amount.Explanation 1. - For the purposes of clauses (a) and (b), "supply" shall be deemed to have been made to the extent it is covered by the invoice or, as the case may be, the payment.Explanation 2. - For the purposes of clause (b), "the date on which the supplier receives the payment" shall be the date on which the payment is entered in his books of account or the date on which the payment is credited to his bank account, whichever is earlier.
