Securities lending fees are taxable under GST; lender liable initially, then borrower liable under reverse charge from October 2019. Lending of securities does not amount to disposal of securities and thus is not a transaction in securities; however, the lending fee charged by the lender is consideration for a taxable service and taxable under GST. Intermediary services facilitating lending are also taxable. Classification and rate are specified; from 01.07.2017 to 30.09.2019 GST was payable by the lender under forward charge (IGST), while from 01.10.2019 GST is payable by the borrower under reverse charge (IGST).