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of <h1>Securities Lending Now Taxable Under GST; Borrowers Pay GST via Reverse Charge from Oct 2019; Fee at 18.</h1> The circular addresses the taxability of securities lending under the Securities Lending Scheme, 1997. It clarifies that the lending of securities is not considered a transaction in securities, as it does not involve disposal, and thus is taxable under GST. The lending fee charged by lenders is considered a taxable service since July 1, 2017, under GST at 18%. Initially, the lender was responsible for GST payment, but from October 1, 2019, the borrower must discharge GST under the reverse charge mechanism. Intermediaries facilitating these transactions are also subject to GST.
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