New RBI Grade B 2024 Batch 7 45+ 20 Days Study Plan; Download Now !!!
Register

Question

The term "Goods" under GST does not include:

A Actionable claims Correct Answer Incorrect Answer
B Money and Securities Correct Answer Incorrect Answer
C Growing crops Correct Answer Incorrect Answer
D All of the above Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

Solution

The term "Goods" under GST does not include money and securities. Money and securities are specifically excluded from the definition of goods in Section 2(52) of the Central Goods and Services Tax Act, 2017. This means that GST is not applicable to the sale or purchase of money and securities. Money includes coins, currency notes, bank notes, money orders, cheques, drafts, travelers’ cheques, and other instruments so far as they are used as legal tender.

Practice Next

Relevant for Exams:

×
×