1. Supply should be of goods or services

Last updated at April 16, 2024 by

GST is charged on

Goods

or 

Services

 

 

DEFINITION OF GOODS DEFINITION OF SERVICES

Goods means

every kind of movable property

 

It also includes

  • actionable claim
  • growing crops, grass and things attached to/forming part of the land which are agreed to be severed (cut)

 

It   excludes

money and securities

 

 

Services means

every thing except goods

 

It also includes

  • Use of money
  • Conversion of money by cash/by any other mode, from one form/ currency/ denomination, to another, for which a separate consideration is charged 

It also excludes

money and securities

 

 

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.