Levy of GST on Priority Sector Lending Certificates (PSLC). - GST - States - 062/36/2018-GST

CIRCULAR No.62/36/2018-GST No. 12-25/2018-19-EXN-GST-(575)-6028-6045 Government of Himachal Pradesh, Excise and Taxation Department To 1. The Additional/Jt. Commissioner of State Taxes and Excise, (South Zone, North Zone, Central Zone), Shimla, Palampur, Mandi, H.P. 2. The Joint Commissioner of State Taxes and Excise, Flying Squad, (Central Zone, North Zone, South Zone), Una, Palampur, Parwanoo, H.P. 3. The Dy. Commissioner of State Taxes and Excise, Shimla, Solan, BBN Baddi, Sirmour, Bilaspur, Hamirpur, Mandi. Kullu, Chamba, Kangra, Revenue Distt Nurpur and Una, H.P 4. The Asstt. Commissioner of State Taxes and Excise, Incharge Distt. Kinnour, H.P Dated Shimla-9 13th March, 2019 Madam/Sir, Subject: Levy of GST on Priority Sector Lending Certificates (PSLC). Doubts have arisen on 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. Therefore, 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 circular shall come into force w.e.f. 12.09.2018. 4. Difficulty, if any, in the implementation of this circular may be brought to the notice of this office immediately. (Rajeev Sharma, IAS) Commissioner of State Taxes and Excise, Himachal Pradesh