Comment on the liability to get registered under the GST law in the given independent situations for financial year 2022-23. Your answer should also include relevant provisions of law, notifications or circulars. (iii) B

Liability to get registered under GST law: Balaji (Trader of shares and F&O): Securities are excluded from the definition of 'goods' as per Section 2(52) of the CGST Act, 2017, and also from the definition of 'services' as per Section 2(102) of the CGST Act, 2017. Therefore, dealing in shares and operating in the Futures and Options segment of the capital market does not constitute a supply of goods or services under the GST Act. Consequently, Balaji is not liable to obtain GST registration as he is not engaged in making a taxable supply under GST, even though his profits are substantial and treated as business income under the Income Tax Act, 1961.