Chart 2 - Goods + Services

Question 1

Goods

Answer 1

Sec 2(52)-

Goods-> every kind of movable property other than money, securities but includes actionable claim, growing crops/ grass

Question 2

Immovable property

Answer 2

Land, benefit arising out of land
Things attached to the earth
Permanently fastened to anything attached

Question 3

Money

Answer 3

Any instrument recognized by RBI

Indian legal tender, foreign currency, cheque, promissory note, bill of exchange

But shall not include currency held for its numismatic value

Question 4

Securities

Answer 4

Shares, stock, bond, debentures, mutual funds

Govt. Securities

Rights/ interest in Securities

Question 5

Actionable claims

Answer 5

Means a claim to unsecured debt or beneficial interest in movable property not in possession of claimant.

Eg. Betting, gambling, lottery, insurance claims

Question 6

Services

Answer 6

Sec 2(102)-

Means : Anything

Other than: goods, money & securities

But includes: activities relating to the use of money, it’s conversion by cash/ any other mode

From one form of currency/ denomination

To another form of currency/ denomination

For which separate consideration is charged

Question 7

Explanation to services

Answer 7

Services includes facilitating/ arranging transactions in securities

Eg. Demat charges, brokerage, portfolio maintenance charges, commission, etc