What is the continuous supply of service? And what is the time within which invoice has to be…
What is the continuous supply of service? And what is the time within which invoice has to be issued in case of continuous supply of service?
If you have agreed to provide service on continuous or on recurring basis for the period exceeding three months, it is treated as a continuous supply of service.
You have to issue the invoice for the service supplied in the following manner.
If due date of payment is known in the contract- The invoice should be issued on or before the due date of payment.
Where the due date of payment is not stated in the contract- The invoice should be issued before or at the time when the supplier receives the payment.
Where the payment is related with the completion of an event- The invoice should be issued on or before the date of completion of the event.
