Page 149 - ADVANCED TAXATION - Day 1 Slides

Payments Exceeding Consideration

 If amount received i.r.o. taxable supply > consideration charged
and
 Amount not refunded within 4 months

 Then excess payment = deemed to be consideration for services
supplied

 If excess payment is refunded after output tax has been accounted
for, vendor will be entitled to claim an additional input tax credit

Value of supply:

 The excess portion of the payment received.

Time of supply:

 The time of supply is deemed to be the last day of the tax period
during which the 4-month period ends.