Rule 47 deals with the time limit for issuing a tax invoice. In the scenario of providing taxable services, the invoice mentioned in rule 46 must be generated within thirty days from the actual date of supply of the service.
Exceptions
However, exceptions are in place. If the service provider falls under the category of an insurer, banking company, or financial institution (including non-banking financial companies), the window for issuing the invoice or a substitute document extends to forty-five days from the service supply date.
Furthermore, for entities like insurers, banking companies, financial institutions (including non-banking financial companies), telecom operators, or any other service supplier class defined by the Government based on Council suggestions, and if they’re involved in taxable service supplies between distinct individuals as outlined in section 25, they have the flexibility to release the invoice prior to or at the moment they officially document the transaction in their accounting records. They can also issue the invoice before the end of the quarter in which the supply was executed.
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