Circular No. 119/2019-GST – Taxability of supply of securities under securities lending scheme
The CBIC has clarified the position regarding the levy of GST on the services related to supply of securities under securities lending scheme 1997. It has been clarified that the borrower of securities shall be liable to discharge the GST under Reverse charge mechanism. The nature of GST should be IGST under RCM.
To read the circular, click here circular-cgst-119
