Clarification regarding taxability of lending of securities under Securities Lending Scheme, 1997

CBIC clarifies on taxability of supply of securities under Securities Lending Scheme, 1997 (SLS) by the lender thereby specifying that activity of lending of securities is not a transaction in securities as it does not involve disposal of securities; Explanation added to the definition of services w.e.f. February 1, 2019 i.e. “includes facilitating or arranging transactions in securities”, is merely clarificatory in nature and has no bearing on lending of securities in th...