GST liability on PSLC trading clarified under forward charge with seller bank paying tax at the applicable rate. GST liability on trading of Priority Sector Lending Certificates (PSLCs) for the period from 01.07.2017 to 27.05.2018 was clarified as payable by the seller bank under the forward charge mechanism, and such supply was stated to attract GST at the rate of 12 percent. The communication forwards the CBIC clarification, approved by the GST Council Implementation Committee, for necessary action by field authorities.
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GST liability on PSLC trading clarified under forward charge with seller bank paying tax at the applicable rate.
GST liability on trading of Priority Sector Lending Certificates (PSLCs) for the period from 01.07.2017 to 27.05.2018 was clarified as payable by the seller bank under the forward charge mechanism, and such supply was stated to attract GST at the rate of 12 percent. The communication forwards the CBIC clarification, approved by the GST Council Implementation Committee, for necessary action by field authorities.
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