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of <h1>GST Rules for PSLC Trading on RBI's e-Kuber: Forward Charge for Sellers, Reverse Charge for Buyers.</h1> The circular addresses the tax implications for the trading of Priority Sector Lending Certificates (PSLC) by banks on the e-Kuber portal of the Reserve Bank of India. It clarifies that from July 1, 2017, to May 27, 2018, the seller bank must pay GST at a 12% rate on a forward charge basis. From May 28, 2018, onwards, GST is levied on a reverse charge basis, payable by the buyer bank. The supply of PSLC is considered an inter-State trade, requiring the payment of IGST. Banks that have already paid CGST/SGST are exempt from additional IGST payments. The circular is effective from March 8, 2019.
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