Applicable GST rate on Priority Sector Lending Certificates (PSLCs), Renewable Energy Certificates (RECs) and other similar scrips –regarding
46/20/2018 Dated:- 6-6-2018 CGST – Circulars / Ordes
GST
Circular No. 46/20/2018-GST
F. No. 354/149/2017 -TRU
Government of India
Ministry of Finance
Department of Revenue
Tax Research Unit
******
North Block, New Delhi
Dated the 6th June, 2018
To
The Principal Chief Commissioner/ Principal Directors General/Chief Commissioner/ Directors General/Principal Commissioner/ Commissioner of Central Excise and Central Tax (All) / Director General of Systems
Madam / Sir,
Subject: Applicable GST rate on Priority Sector Lending Certificates (PSLCs), Renewable Energy Certificates (RECs) an
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ater on, Circular No. 34/8/2018- GST dated 01.03.2018 (S.No.3) was issued clarifying that PSLCs are taxable as goods at a standard rate of 18 % under the residual entry S. No. 453 of Schedule III of notification No. 01/2017-Central Tax (Rate).
4. As a result, there is lack of clarity on the applicable rate of GST on various scrips/ certificates like RECs, PSLCs etc.
5. The matter has been re-examined. GST rate of 18 % under the residual entry at S.No. 453 of Schedule III of notification No. 01/2017-Central Tax (Rate) applies only to those goods which are not covered under any other entries of Schedule I, II, IV, V, or VI of the notification. In other words, if any goods are covered under any of the entries of Schedule I, II, IV, V, or VI,
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