Futures Contract Turnover is included in GST turnover

[Harshit Sanghvi]

Person has been dealing in Futures in stock market where one lot sale value is 10lacs. Whether this turnover is included while computing aggregate turnover in GST as the person will be having professional income too but less than 20 lacs.

Please guide

AI Summary

Inclusion of futures turnover in GST aggregate turnover debated: competing views on whether securities treatment excludes futures.
Whether turnover from futures contracts is included in GST Aggregate Turnover for threshold exemption depends on whether futures receipts qualify as consideration for a taxable supply. One view advocates clubbing futures receipts with other professional income to compute the threshold, while another treats futures as "securities" outside aggregate turnover and cites departmental clarifications on the taxability of securities transactions.