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of <h1>GST on Priority Sector Lending Certificates: Seller Banks to Pay 12% Forward Charge from July 2017 to May 2018.</h1> The circular addresses the levy of Goods and Services Tax (GST) on Priority Sector Lending Certificates (PSLCs). It clarifies that for the period from July 1, 2017, to May 27, 2018, the seller bank is responsible for paying GST on PSLCs on a forward charge basis. The applicable GST rate for trading PSLCs during this period is 12%. Any difficulties in implementing this circular should be reported to the Central Board of Indirect Taxes and Customs.
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