Definitions under GST
GST
According to new article 366(12A), "Goods and service tax means any tax on supply of goods or services or both except taxes on the supply of the alcoholic liquor for human consumption."
EXPLAINATION: Definition is inclusive. It covers all aspects of the transaction but clearly states that alcoholic liquor for human consumption can never be part of GST.
GOODS
SECTION 2(52) of GST ACT 2017, " Means
- Every kind of movable property other than money and securities
- but includes actionable claims, growing crops, grass, and things attached to or forming part of the land which are agreed to be served before supply or under a contract of supply.
NOTE: Actionable claim means which gives you the right to claim the money. In GST Actionable claims relating to the lottery, betting, and gambling only will be regarded as goods.
SERVICES
According to new article 366(26A)," Service means anything other than goods.
SECTION (102) of GST ACT 2017," Means
- 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 separate consideration is charged.
NOTE: It is clarified that the expression SERVICES includes facilitating or arranging transactions.