Question

Whether aggregate turnover within the meaning of GST will include turnover of delivery into listed shares and mar to mark future option differences.

Answer

Aggregate turnover as per section 2(6) is defined as 'aggregate turnover' means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess.

Supply is defined under section 7 of CGST Act as 'supply' includes''
(a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business;
(b) import of services for a consideration whether or not in the course or furtherance of business;
(c) the activities specified in Schedule I, made or agreed to be made without a consideration; and
(d) the activities to be treated as supply of goods or supply of services as referred to in Schedule II.

However vide clause (6) Actionable claims, other than lottery, betting and gambling are included in Schedule III of CGST Act. Therefore these are neither considered as supply of goods nor supply of services.

Hence turnover of delivery into listed shares and mar to mark future option differences are not included in aggregate turnover for GST purpose. (Reply dt.20/12/2018)