Corporate Professional Today – October 20, 2018

390 October 20 To October 26, 2018 u Taxmann’s Corporate Professionals Today u Vol. 43 u^32

The term “Public Sector Undertakings” has not
been defined in the GST Act. As per “https://
archive.india.gov.in/”, the Government-owned
corporations are termed as Public Sector Un-
dertakings (PSUs) in India. In a PSU, majority
(51% or more) of the paid-up share capital is
held by Central Government or by any State
Government or Partly by the Central Government
and partly by one or more State Governments.

Though the “Public Sector Banks” are different

from “Public Sector Undertakings”, yet in ac-

cordance with the aforestated definition of PSU,

Public Sector Banks may also be categorised as

PSUs. Therefore, a suitable clarification by the

Government is required in this respect.

lll

CriTiCal issues emerging FrOm Tds under gsT