<p style="margin-left:13px; margin-right:3px; text-align:justify"><span style="font-size:14px">In order to calculate and discharge tax liability, it is important to know the date when the tax liability arises i.e. the date on which the charging event has occured. In GST law, it is known as Time of Supply. The GST law has provided separate provisions to determine the time of supply of goods and time of supply of services. Section 12, 13 &amp; 14 of the Central GST Act, 2017 (CGST Act) deals with the provisions related to time of supply and by virtue of Section 20 of the Integrated GST Act, 2017 (IGST Act) these provisions are also applicable for the IGST Act. Point of time when supplier receives the payment or date of receipt of payment. The phrase &ldquo;the date on which supplier receives the payment&rdquo; or &ldquo;the date of receipt of payment&rdquo; means the date on which payment is entered in his books of accounts or the date on which the payment is credited to his bank account, whichever is earlier.</span></p>