CIRCULAR No 62/36/2018 GST : Levy of GST on Priority Sector Lending Certificates

By | September 12, 2018
(Last Updated On: April 27, 2020)

CIRCULAR No 62/36/2018 GST

F. No. 354/124/2018-TRU
Government Of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs
CIRCULAR No 62/36/2018 GST

New Delhi, 12th September, 2018

Refer also Circular No 93/12/2019 GST : IGST on trading of PSLC by banks on e-Kuber portal of RBI

To
The Principal Chief Commissioners / Chief Commissioners/ Principal Commissioners/
Commissioner of Central Tax (All) /
The Principal Director Generals/ Director Generals (All).

Madam/Sir,
Subject: Levy of GST on Priority Sector Lending Certificates (PSLC) – regarding

Representations have been received requesting to clarify the following:
(i) Mechanism for discharge of tax liability on trading of Priority Sector Lending Certificate (PSLC) for the period 1.7.2017 to 27.5.2018.
(ii) GST rate applicable on trading of PSLCs.

2. The representations have been examined. With the approval of the GST Implementation Committee of the GST Council, it is clarified that GST on PSLCs for the period 1.7.2017 to 27.05.2018 will be paid by the seller bank on forward charge basis and GST rate of 12% will be applicable on the supply.

3. Difficulty, if any, in the implementation of this circular may be brought to the notice of the Board immediately.

Yours Sincerely,
(Parmod Kumar)
OSD(TRU II)
Tele No.: 011-23092374
E-mail: parmodkumar.71@gov.in

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circular No. 56/30/2018-GST dated 24.08.2018

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Circular No 40/14/2018 GST : Furnishing of Bond/LUT for exports : Clarification by CBIC

Circular No 37/11/2018 GST dated 15th March,  2018: exports related refund issues clarified by CBEC

Circular No. 24/24/2017 – GST dated 21st December 2017  : Manual filing of Refund : Inverted duty structure, deemed exports & excess balance in electronic cash ledger

Circular No 17/17/2017 GST dated 15th November 2017: Refund of zero-rated supplies : Manual filing and processing

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CIRCULAR No 62/36/2018 GST

One thought on “CIRCULAR No 62/36/2018 GST : Levy of GST on Priority Sector Lending Certificates

  1. Pingback: Circular No 93/12/2019 GST : IGST on trading of PSLC by banks on e-Kuber portal of RBI - Tax Heal

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