Would ‘future contracts’ be chargeable to GST?

Future contracts are in the nature of financial derivatives, the price of which is  dependent on the value of underlying stocks or index of stocks or certain approved currencies and the settlement happens normally by way of net settlement with no actual delivery.
Since future contracts are in the nature of derivatives these qualify as  ‘securities’ as defined in Section 2(101) of the CGST Act, 2017. As securities are neither ‘goods’ nor ‘services’ as defined in the CGST Act, 2017, future contracts are not chargeable to GST.

But where the future contracts have a delivery  option and the settlement of contract takes place by way of actual delivery of underlying commodity/currency, then such forward contracts would be
treated as normal supply of goods and liable to GST.

Further, if some service charges or service fees or documentation fees or  broking charges or such like fees or charges are charged, the same would be a consideration for supply of service and chargeable to GST.

Q 35 of GST FAQs on Financial Services Sector published by CBIC