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of <h1>Rajasthan Circular Clarifies GST on PSLC: Forward Charge Until May 27, 2018, Reverse Charge Thereafter, IGST Applies.</h1> The circular from the Government of Rajasthan's Commercial Tax Department addresses the GST applicability on Priority Sector Lending Certificates (PSLC) traded by banks on the RBI's e-Kuber portal. It clarifies that for the period from July 1, 2017, to May 27, 2018, the seller bank pays GST on a forward charge basis at a 12% rate. From May 28, 2018, onwards, GST is payable on a reverse charge basis by the buyer bank. The nature of the supply is considered inter-State trade, requiring IGST payment, except where CGST/SGST or CGST/UTGST has already been paid.
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