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A continuous supply is a supply where goods or services are supplied on a recurring basis under a contract and payment for the supply is also made periodically.
For example: A contract for supply of mineral water to a company for 6 months, supply of housekeeping services to a company for a financial year, supply of broadband services, etc. Let us understand the meaning of continuous supply under GST and the time of issue of invoice in continuous supply of goods or services.
Continuous supply of goods is a supply of goods provided or agreed to be provided continuously or on recurring basis, under a contract, and for which the supplier invoices the recipient on a regular or periodic basis.
Continuous supply of services is a supply of services which is provided or agreed to be provided continuously or on recurring basis, under a contract, for a period exceeding 3 months with periodic payment obligations.
In case of continuous supply of goods, invoice should be issued at the time when each payment is received by the supplier or statement of accounts is issued.
In case of continuous supply of services, invoice should be issued:
Hence, specific guidelines have been laid down under GST on the time of issue of invoice in continuous supply of goods and services.
e-Invoice from 1st October 2022 for Businesses with Turnover Exceeding 10 Crore
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