Supply is a fundamental economic concept that 

describes the
total amount of a specific good or service that is available to
consumers. Supply can relate to the amount available at a specific price
Time of supply
Time of supply means the point in time
when goods/services are considered
supplied'.
When the seller knows the 'time', it helps
him identify due date for payment of taxes.
CGST/SGST or IGST must be paid at the time
of supply.
Goods and services have a separate basis
to identify their time of supply.
Time of supply of services under forward
charge

Due date to issue invoice: The last date

on which the supplier is required to issue
the invoice is 30 days from the date of
supply of services.

If not , the invoice has to be issued

within 45 days from the date of supply of
services
What is advance and time of supply?
This means that if the advance is
received before the issue of the
invoice the time of supply would be
the date of receipt of advance.

Thus taxpayers receiving advance

must pay GST on the money
received. 
What is value and time of supply?
time of supply It means the point of
time when it is considered to be supply
of goods or services, if the seller knows
the exact time then it will help him to
recognize the due date for the payment
of taxes.

VALUE OF SUPPLY: Value of Supply is

important to consider as the GST is
calculated on the value of sale of goods
or service
What will be the time of supply of goods?
The time of supply of goods shall be the
earlier of the following namely,
(i) the date of issue of invoice by the
supplier or the last date on which he is
required under Section 31, to issue the
invoice with respect to the supply; or

(ii) the date on which the supplier receives

the payment with respect to the supply.
'Input Tax Credit'
'Input Tax Credit' or 'ITC' means the Goods
and Services Tax (GST) paid by a taxable
person on any purchase of goods and/or
services that are used or will be used for
business.
example of ITC?
For example- you are a manufacturer:
a. Tax payable on output (FINAL PRODUCT)xxx
b. Tax paid on input (PURCHASES) isxxx
c. You can claim INPUT CREDIT of Rs and you only need to deposit Rs xxx in taxes
What is ITC explained with example?
Input tax credit or ITC enables
businesses to reduce the tax liability as it
makes a sale by claiming the credit
depending on how much GST was paid on
the business's purchases.
For example, let us say you manufacture
a product and the tax payable on output is
Rs. 1500 while the tax paid on input is Rs.
1000.
What is the basic concept of ITC?
ITC is a mechanism to avoid cascading of
taxes. Cascading of taxes, in simple language, is
'tax on tax'. 

How much ITC can be claimed in GST?

Until 31st December 2021, a regular taxpayer could
have claime provisional ITC in GSTR-3B to the extent
of 5% of the ITC available in GSTR-2B,