4.
| (1) The time of supply of goods shall be. When-
| | (a) an invoice is issued in respect of the goods by the supplier , or | | |
| | (b) a payment for the goods is received by the supplier ,or | | |
| | (c) a payment for the goods is due to the supplier in respect of such supply ; or | | |
| | (d) delivery of the goods have been effected, | | |
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| (2) The time supply of services shall be when-
| | (a) the services are performed , or | | |
| | (b) a payment for the services or future services is received ; or | | |
| | (c) a payment for the services or future services is due; or | | |
| | (d) an invoice in respect of the services is issued | | |
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| (3) Notwithstanding the provision of subsections (1) and (2) a supply is deemed to take place -
| | (a) Where a supply is made under an agreement, other than a hire purchase agreement, which provides for periodical payments, when the payment is due or when the payment is received, whichever is earlier: and | | |
| | (b) Where goods are supplied under a hire purchase agreement, when the agreement is entered into. | | |
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Sri Lanka Consolidated Acts