I am a full time trader but only trade in cash and pay STCG @ 20%.
I have a small offline business generating around 50k income monthly. The total turnover is around 7 lakhs and so I do not have any GST registration as it’s below the 20L minimum limit.
I was thinking to take some trades in F&O but if my overall turnover exceeds 20 lakhs, will I have to go for GST registration? I really do not want the hassle of filling GST returns every month and hence, avoided F&O so far.
I know GST is not required for F&O but will the combined turnover trigger GST registration for my offline business that’s generating only 7 lakhs revenue?
I tried asking Grok AI and it said, “your offline business turnover of 7 lakhs is what matters for GST, and since it’s well below 20 lakhs, your stock market trading likely won’t affect your GST registration requirement.” However, I am not convinced. Hence, wanted advice from a tax expert.
@Quicko @Jason_Castelino Kindly reply if you can. Will highly appreciate it.