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Levy of GST on Priority Sector Lending Certificates (PSLC). - GST - States - 21/2018-GSTExtract GOVERNMENT OF ASSAM OFFICE OF THE COMMISSIONER OF TAXES, ASSAM :: KAR BHAWAN DISPUR, GUWAHATI-6 CIRCULAR NO. 21/2018-GST Dated Dispur the 18th September, 2018. Subject : Levy of GST on Priority Sector Lending Certificates (PSLC) - regarding No. CT/GST-15/2017/186.- 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 01-7-2017 to 27-05-2018. (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, i.e., before the period of effect of notification no. 11/2018 (F TX .56/2017/247 dated the 29th June, 201 8) will be paid by the seller bank on forward charge basis and GST rate of 12% will be applicable on the supply. 3. This Circular is clarificatory in nature and not meant for any interpretation of provisions of the Act and rules. 4. Difficulties, if any, in implementation of the above instructions may be brought to the notice of the Commissioner at an early date. Sd/- Anurag Goel, IAS., Commissioner of State tax, Assam, Dispur, Guwahati Dated Dispur the 18th September, 2018 Memo No. CT/GST-15/2017/186-A
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