At which stage of supply VAT becomes payable?
In cases of taxable supply, VAT shall be payable in the event of any of the following activities whichever occurs first-
- In case of ordinary supply-
- When supply is delivered.
- When invoice will be issued.
- When value of supply will be received in full or in part.
- In case of progressive or periodic supply-
- Separate invoice is issued against each.
- When value of goods in part or in full will be received against each.
- Value becomes payable.
- When payable sum can be ascertained.