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Goods Vs. Services in GST Concept and Open Issues

Goods and Services Tax - GST - By: - Bimal jain - Dated:- 5-9-2016 Last Replied Date:- 30-12-1899 - Dear Professional Colleague, As Goods and Services Tax ( GST ) is going to be levied on supply of goods and/or services, meaning of goods and services would also play vital role in levy and chargeability of GST after the key term supply . It has to be clearly identified as to whether the supply constitutes supply of goods or services for leviability of GST. Importance of the terms goods and servic .....

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y kind of movable property other than actionable claim and money but includes securities, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under the contract of supply; Explanation- For the purpose of this clause, the term moveable property shall not include any intangible property. The above definition, defines goods as every kind of movable property which also includes securities, growing crops, grass and things attached to .....

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e has been defined in the widest sense possible as any transaction which is not goods, shall be services except money. Whether Immovable property is service: As the definition of the term service is wide enough to cover anything other than goods, this would mean that even any rights or usage of immovable property would also constitute services under GST. Actionable claim is a service: It may be noted here that unlike the definition of service as given under Section 65B(44) of the Finance Act, 19 .....

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It is a claim for any amount receivable i.e. debts or claim for benefit of any movable property not in possession, for which relief can be claimed in civil court. Section 2(1) of the Model CGST/SGST Act, states that actionable claim shall have the meaning assigned to it under Section 3 of the Transfer of Property Act, 1882, in terms of which, actionable claims means A claim to any debt, other than a debt secured by mortgage of immovable property or by hypothecation or pledge of movable property .....

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m its ambit, the same needs to be revisited to avoid any confusion as exclusion of money alone does not convey real nature of exclusion. Examples of transaction in money: The principal amount of deposits in or withdrawals from a bank account. Advancing or repayment of principal sum on loan to someone, etc. Whether intangibles are goods or services? It may be noted here that the definition of goods given under Article 366(12) of the Constitution of India is defined in inclusive manner to provide .....

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Accordingly, there may be an issue deciding whether intangibles can be considered as services as the definitions given in a delegated legislation of GST suggests, when the Constitution having supremacy over delegated legislation does not allow so. Whether GST is leviable on securities transaction? With the definition of goods, specifically including securities in its ambit, the debate has started taking place as to whether capital market transactions would be subject to an additional tax in the .....

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