AAR : Rules on taxability of derivative contract in diamonds; Conversion into e-Units constitutes 'supply'

AAR rules on applicability of GST in case of a derivative contract in diamonds through Indian Commodity Exchange Ltd (ICEX), that provides nationwide online trading platform in commodity derivatives; Holds that mere deposit of diamonds with safe vaults acknowledged by Electronic Vault Receipts (EVRs) does not constitute supply for purpose of levy of GST; Observes that in this transaction, there is only transfer of possession of diamonds where safe vaults hold them as a bailee...