Circular Clarifying the Levy of GST on Priority Sector Lending Certificate

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The Central Board of Indirect Taxes and Customs (“CBIC”) has issued a Circular No. 62/36/2018-GST dated September 12, 2018, with the approval of the GST Implementation Committee of the GST Council, it is Clarified that GST on Priority Sector Lending Certificates 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.

The Circular can be accessed at: CIRCULAR No.62/36/2018-GST.