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of <h1>Circular Clarifies GST on Securities Lending: Lending Fee Taxable at 18% Rate, Reverse Charge from Oct 2019 in Assam.</h1> The circular clarifies the taxability of securities lending under the Securities Lending Scheme, 1997, in Assam. Securities transactions are not considered a supply under GST as they do not involve the disposal of securities. However, the lending of securities is taxable as it involves a lending fee, classified under heading 997119 and subject to an 18% GST rate. From July 1, 2017, to September 30, 2019, the lender was responsible for GST under forward charge. From October 1, 2019, the borrower discharges GST under the reverse charge mechanism. The circular is meant for clarification and not for interpreting legal provisions.
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