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of <h1>GST Rules for PSLC Trading: Seller Pays Until 27.05.18, Buyer Pays Afterward; IGST Applies to Inter-State Trade.</h1> The circular addresses the tax implications for trading Priority Sector Lending Certificates (PSLC) by banks on the RBI's e-Kuber portal. It clarifies that for transactions between 01.07.2017 to 27.05.2018, GST is paid by the seller bank at a 12% rate on a forward charge basis. From 28.05.2018 onwards, GST is paid by the buyer bank on a reverse charge basis. The supply of PSLCs is considered inter-State trade, thus attracting IGST. Banks that have already paid CGST/SGST or CGST/UTGST are exempt from paying IGST for the same supply. The circular is effective from 8th March 2019.
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