Change in Rate of Tax relating to the Supply of Goods & Services - Section 14

When there is a change in the rate of Tax relating to the goods or services, notwithstanding the context of section 12 or section 13, the time of supply shall be established in the following manner:

a) In the case where before the change in rate, the goods or services or both have been supplied: 

1. The time of supply shall be determined to be the date of the receipt of the payment or the date of the issuance of the invoice, whichever is earlier, in the case where the invoice for the supply of goods or services or both has been issued along with the acquirement of payment, after the rate change; or
2. In the case where before the change of rate, the invoice has been issued but the payment is acquired after such change, then the time of supply must be the date of issuance of Invoice; or
3. In the case where the payment is acquired before the rate change but the invoice for the supply of goods or services or both have been issued after the rate change then, the time of supply must be the date of receipt of payment.

b) In the case where after the change in rate, the goods or services or both have been supplied:

1. In the case where the payment is acquired after the rate change but the invoice for the supply of goods or services or both have been issued before the rate change then, the time of supply must be the date of receipt of payment; or
2. The time of supply shall be determined to be the date of the receipt of the payment or the date of the issuance of the invoice, whichever is earlier, in the case where the invoice for the supply of goods or services or both has been issued along with the acquirement of payment, before the rate change; or
3. The Time of supply must be the date of issuance of the Invoice, in the case where the invoice for the goods or services or both has been issued after the rate change but the payment is acquired before the same. 

It is provided that the date of receipt of payment shall be the date of credit in the bank account if such credit occurs after four working days after the effective date of the rate change.

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