Is Intra day trading income shown in gstr 3b or not? This is the business of client with wholesale business. What would be gst rate? Clarify with provision.

Reply—Section 2 (52) of the CGST Act, 2017 defines “goods” to mean every kind of movable property other than money and Securities but includes actionable claim, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a contract of supply. Thus, Securities does not fall under definition of goods.

Section 2(102) of the CGST Act, 2017 defines “services” to mean anything other than goods, money and Securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged. Thus, Securities are not services under the CGST Act, 2017.

As per above defintion Securities neither fall under definition of goods nor in service, they fall in the definition of “non-taxable supply” under section 2(78) of the CGST Act, 2017. GST will not applicable on trading income.

It can be declared as exempted outward supply while filing GST returns if your client is registered under GST.