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Definition Of Goods-Issues and comparision

Goods and Services Tax - GST - By: - parth sharma - Dated:- 13-9-2016 - Definition of Goods in Model GST law is seeing various complications which needs clarification. Comparison of definition of goods with previous laws is as under:- Model GST Law (48) goods means every 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 o .....

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lause, goods includes any article, material or substance which is capable of being bought and sold for a consideration and such goods shall be deemed to be marketable Section 2(15) of Raj VAT (15) goods means all kinds of movable property, whether tangible or intangible, other than newspapers, money, actionable claims, stocks, shares and securities, and includes materials, articles and commodities used in any form in the execution of works contract, livestock and all other things attached to or .....

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e something which can be ordinarily come to the market to be bought and sold. It must be something which is known to the customers and the commercial community. In CEA, there arose a dispute regarding taxability of scrap calling it non marketable and thus non taxable. To end that dispute explanation was added to make any material capable of being bought and sold for a consideration would be deemed to be marketable. The same is not clarified in the given law which would mean that scrap & wast .....

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