Clarification regarding taxability of supply of securities under Securities Lending Scheme. 1997

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.... of supply of securities under Securities Lending Scheme. 1997 - reg. A circular dated 11.10.2019 has been issued by CBIC regarding clarification on whether the supply of securities under Securities Lending Scheme, 1997 ("Scheme") by the lender is taxable under GST. In accordance with the said circular and in order to ensure uniformity in the implementation of the provisions of the law across the State, the Commissioner, in exercise of its powers conferred by section 168 of the Chhattisgarh Goods and Services Tax Act, 2017 (CGGST Act for short) hereby clarifies the issues. 2.  Securities and Exchange Board of India (SEBI) has prescribed the Securities Lending Scheme, 1997 for the purpose of facilitating lending and borrowing of s....

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.... of the Securities Contracts (Regulation) Act, 1956 [Section 2(101) of CGGST Act]. The definition of services as per Section 2(102) of the CGGST Act, is extracted as below: - "services" means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged; Explanation.--For the removal of doubts, it is hereby clarified that the expression "services" includes facilitating or arranging transactions in securities; 4.  Securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) A....