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The Central Board of Indirect Taxes and Customs clarifies the Goods and Services Tax treatment for trading of Priority Sector Lending Certificates. The seller bank pays the tax on a forward charge basis for the period from 1 July 2017 to 27 May 2018. A tax rate of 12 percent applies to the supply.
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CIRCULAR No.62/36/2018-GST
F. No. 354/124/2018-TRU Government Of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs
New Delhi, 12th September, 2018
To The Principal Chief Commissioners / Chief Commissioners/ Principal Commissioners/ Commissioner of Central Tax (All) / The Principal Director Generals/ Director Generals (All).
Madam/Sir,
Subject: Levy of GST on Priority Sector Lending Certificates (PSLC) – regarding
Representations have been received requesting to clarify the following:
The representations have been examined. With the approval of the GST Implementation Committee of the GST Council, it is clarified that GST on PSLCs for the period 1.7.2017 to 27.05.2018 will be paid by the seller bank on forward charge basis and GST rate of 12% will be applicable on the supply.
Difficulty, if any, in the implementation of this circular may be brought to the notice of the Board immediately.
Yours Sincerely,
(Parmod Kumar) OSD(TRU II) Tele No.: 011-23092374 E-mail: parmodkumar.71@gov.in
