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of <h1>Securities Lending under 1997 Scheme: Lending Fee Taxable at 18% GST; Reverse Charge Applies from October 2019.</h1> The circular clarifies the taxability of securities lending under the Securities Lending Scheme, 1997. It states that the lending of securities is not considered a transaction in securities, as it does not involve disposal. The lending fee charged by lenders is considered a taxable service under GST since July 1, 2017. The activity is classified under heading 997119 with an 18% GST rate. From July 1, 2017, to September 30, 2019, lenders paid GST under forward charge. From October 1, 2019, borrowers are liable for GST under the reverse charge mechanism, with IGST applicable.
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