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of <h1>Gujarat Circular: Securities Lending Fee Taxable Under GST, 18% Rate, Reverse Charge Applies from October 2019.</h1> The circular from the Chief Commissioner of State Tax, Gujarat, clarifies the taxability of securities lending under the Securities Lending Scheme, 1997. It states that lending securities is not considered a transaction in securities as it does not involve disposal, and thus, the lending fee is taxable under GST. The lending activity is classified under heading 997119 with an 18% GST rate. From 1st October 2019, the borrower is liable for GST under the reverse charge mechanism. For the period from 1st July 2017 to 30th September 2019, lenders were responsible for GST under the forward charge.
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