Levy of GST on Priority Sector Lending Certificates (PSLC). - GST - States - 22T of 2019

Office of the Commissioner of State Tax (GST), 8th floor, New Building, GST Bhavan, Mazgaon, Mumbai-400010. TRADE CIRCULAR To, .............................. .............................. No. JC (HQ)-1/GST/2019/CBIC Circular(s)/ADM-8 Mumbai, dated 17.05.2019 Trade Circular (GST) No. 22T of 2019. Sub. Levy of GST on Priority Sector Lending Certificates (PSLC). Sir/ Gentlemen / Madam, 1. 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. This Trade Circular is clarificatory in nature and hence cannot be made use of for interpretation of provisions of the law. Difficulty if any, in the implementation of this Circular may be brought to the notice of the office of the Commissioner of State Tax, Maharashtra. Yours faithfully, (Rajiv Jalota) Commissioner of State Tax, Maharashtra State, Mumbai. No. JC (HQ)-1/GST/2019/CBIC Circular(s)/ADM-8 Mumbai, dated 17.05.2019 Trade Circular (GST) No. 22T of 2019.