Supreme Court: Driving Licence Renewal After a Gap Will Not Take Effect From Expiry Date || Supreme Court: High Courts Cannot Quash Cheque Bounce Cases by Pre-Trial Inquiry Into Liability || Supreme Court: Passport Renewal Cannot be Denied if Trial Court Has Permitted it Despite Pending Case || SC: Delay in Depositing Sale Balance Does not Make Specific Performance Decree Inexecutable || Supreme Court: Non-Compete Fees Qualify as Deductible Revenue Expenditure under Income Tax Act || Supreme Court: Section 311 CrPC Should be Invoked Sparingly, Only When Evidence is Vital || J&K&L High Court: Successive Bail Applications Can Be Filed Even Without Change in Circumstances || Kerala HC: Fresh Arbitration Notice is Required For Second Arbitration After Prior Award Set Aside || NCLT Hyderabad: Mortgaging Property Without Lending Money Does Not Constitute Financial Debt || Supreme Court: Vacancies From Resignations under CUSAT Act Must Follow Communal Rotation

Levy of GST on Priority Sector Lending Certificates (PSLC)- (Ministry of Finance ) (12 Sep 2018)

MANU/GSCU/0039/2018

Indirect Taxation

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.

Tags : LEVY GST PSLC

Share :