Goods and Services Tax (GST) is one of the biggest tax reforms in India. The GST Council revised the GST law recently, and it is essential for business owners and startup founders to keep up with these changes. In this article, we will decode the definitions of goods and services under the revised model GST law.
Goods are any movable property that can be bought, sold, or exchanged in the market. These include all kinds of tangible products, such as raw materials, finished goods, and even animals. Goods also include all the components, parts, and accessories that are used to manufacture or assemble a product.
Under the revised GST law, goods are classified into three categories:
Services are any activities that are performed for a fee. These include professional services, such as legal and accounting services, as well as non-professional services, such as housekeeping and repair services. Services also include intangible products, such as software and intellectual property.
Under the revised GST law, services are classified into three categories:
Understanding the definitions of goods and services under the revised model GST law is crucial for small and medium business owners and startup founders. It helps them comply with the new regulations and ensures that they do not face any penalties for non-compliance. With this article, we hope that you have gained a better understanding of the definitions of goods and services and how they are classified under the revised GST law.
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