GST on PSLCs: seller bank liable on forward charge for past trading period, clarified by tax authority. For trading in Priority Sector Lending Certificates during the identified past period, GST liability is to be discharged by the seller bank under the forward charge mechanism and the supply is subject to the specified GST rate; implementation difficulties are to be reported to the tax authority.
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Provisions expressly mentioned in the judgment/order text.
GST on PSLCs: seller bank liable on forward charge for past trading period, clarified by tax authority.
For trading in Priority Sector Lending Certificates during the identified past period, GST liability is to be discharged by the seller bank under the forward charge mechanism and the supply is subject to the specified GST rate; implementation difficulties are to be reported to the tax authority.
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