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Taxability of securities lending clarified; state field formations instructed to follow central GST guidance for uniform implementation. The circular directs that the CBIC clarification on the taxability of supply of securities under the Securities Lending Scheme, 1997 be followed by all state tax field formations; invoking section 168 powers, the Chief Commissioner requires uniform application of the central guidance to ensure consistent GST treatment of securities lending transactions.
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Taxability of securities lending clarified; state field formations instructed to follow central GST guidance for uniform implementation.
The circular directs that the CBIC clarification on the taxability of supply of securities under the Securities Lending Scheme, 1997 be followed by all state tax field formations; invoking section 168 powers, the Chief Commissioner requires uniform application of the central guidance to ensure consistent GST treatment of securities lending transactions.
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