Borrower of Securities liable to discharge GST under Reverse Charge Mechanism: CBIC

The Central Board of Indirect Taxes and Customs ( CBIC ) has issued Clarification regarding taxability of supply of securities under Securities Lending Scheme, 1997. Securities and Exchange Board of India (SEBI) has prescribed the Securities Lending Scheme, 1997 for the purpose of facilitating lending and borrowing of securities. Under the Scheme, lender of securities lends to a borrower thro…