¹[ (1) The VAT imposed on a taxable supply shall become payable at the time when any of the following activities first occurs, namely:-

(a) when supply is made;

(b) when invoice for the supply is issued;

(c) when part or the whole of the consideration is received; and

(d) when any supply is used personally or given to others for use.

(2) If any supply is considered as progressive or periodic supply, VAT imposed on such supply shall be payable at the time when any of the following activities occurs first, namely:-

(a) when separate invoices are issued for each such supply;

(b) when receivable consideration against each such supply is received in part or in full; and

(c) when the price against the ²[progressive] supply becomes payable.

(3) Notwithstanding the provisions of sub-section (2)‚ if a progressive or periodic supply of water, gas, fuel oil or electricity is made through a distribution network‚ the imposed VAT shall become payable within ³[90 (ninety)] days from the date on which invoices against each such supply are issued. ]