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of <h1>GST on PSLC Trading: Seller Banks Pay 12% Until May 27, 2018; Buyer Banks Pay Post-May 28 via Reverse Charge.</h1> The circular clarifies the GST implications on the trading of Priority Sector Lending Certificates (PSLC) by banks on the e-Kuber portal of the Reserve Bank of India. For the period from July 1, 2017, to May 27, 2018, GST at a rate of 12% is payable by the seller bank on a forward charge basis. From May 28, 2018, onwards, GST is payable by the buyer bank on a reverse charge basis. The supply of PSLCs is considered an inter-State trade, thus subject to IGST. Banks that have already paid CGST/SGST or CGST/UTGST are exempt from further IGST payments for the same supply.
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