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of <h1>GST Rules for Trading Priority Sector Lending Certificates via RBI Portal Clarified for Banks.</h1> The circular from the Chief Commissioner of State Tax, Andhra Pradesh, addresses the GST implications on the trading of Priority Sector Lending Certificates (PSLC) by banks via the RBI's e-Kuber portal. It clarifies that from July 1, 2017, to May 27, 2018, GST was to be paid by the seller bank on a forward charge basis at a rate of 12%. From May 28, 2018, onwards, GST is levied on a reverse charge basis, payable by the buyer bank. The supply of PSLC is treated as inter-State trade, requiring IGST payment, although banks that have already paid CGST/SGST are exempt from additional IGST.
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