GST on PSLCs for period 1.7.2017 to 27.05.2018 will be paid by seller bank on forward charge basis
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
New Delhi, 12th September, 2018
To
The Principal Chief Commissioners / Chief Commissioners/ Principal Commissioners/Commissioner of Central Tax (All) /
The Principal Director Generals/ Director Generals (All).
Madam/Sir,
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
No additional evidence to be admitted by CIT(A) unless Assessing Officer is given opportunity of examining the evidence and rebut…
ICAI notifies dates for CA Foundation & Intermediate Examination September 2024. The Council of the Institute of Chartered Accountants of…
ABCAUS Excel Depreciation Calculator FY 2023-24 under Companies Act 2013 as per Schedule-II Version 05.18 The maiden ABCAUS Excel Companies…
Reply was not submitted as e-filing portal was closed, Assessment order set aside as time given for submitting reply was…
E-way bill expired due to vehicle break down only a technical breach and non extension of its time period cannot…
No rejection of GST appeal for mere non filing of certified copy of the decision as per rule 108 of…