Section 12(5) in The Punjab Goods and Services Tax Act, 2017
(5)Where it is not possible to determine the time of supply under the provisions of sub-section (2) or sub-section (3) or sub-section (4), the time of supply shall-(a)in a case where a periodical return has to be filed, be the date on which such return is to be filed; or(b)in any other case, be the date on which the tax is paid.[Explanation 1. - For the purposes of computing aggregate turnover of a person for determining his eligibility to pay tax under this section, the expression "aggregate turnover" shall include the value of supplies made by such person from the 1st day of April of a financial year up to the date when he becomes liable for registration under this Act, but shall not include the value of exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount.Explanation 2. - For the purposes of determining the tax payable by a person under this section, the expression "turnover in State" shall not include the value of following supplies, namely:(i)supplies from the first day of April of a financial year up to the date when such person becomes liable for registration under this Act; and(ii)exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount.].
