Time of Supply in case of Change in GST Rate

Date of receipt of consideration = Earlier of: (a) date of receipt entry in supplier's books of account; or (b) date of credit in supplier's bank account.

However, if the credit in bank account happens after four working days from the date of change in tax rate, date of receipt of consideration = date of credit in supplier's bank account. This is primarily to avoid back-dating of entries in the books of account by the supplier to avoid increase in GST rate.

Note that the liability to pay tax arises at the 'time of supply'. Hence, the tax rate applicable at the 'time of supply' should be adopted for discharging the tax liability.