Section 2(52) defines the term Goods. Goods mean every kind of movable property other than money and securities but include actionable claims, growing crops, grass, and thing attached to or forming part of the land whichever agreed to be severed before supply or under a contract of supply.
• All Kinds of movable property except money, Securities. Actionable Claims are included within the scope of the Act. It excludes immovable property like and, building, etc. Growing crops, livestock, grass, trees & plants including the produced thereof attached to or forming part of the land Which are agreed to be cut before sales are included within the scope of the Act.
• Movable Property means any kind of property which is not immovable and also includes any right, title, or interest in it. Therefore intangible assets like export license, patents, trademarks, Software packages are also goods.
• Goods should be marketable. Goods don't need to be generally available in the market. What is required is that goods should be marketable i.e. which could be bought and sold in the market. Even one purchase is enough to market it marketable.
Commodities | Whether Goods Under GST Act |
Electric Equipment | YAS |
Purchase of Electric Meter | YAS |
Stock & Share | NO |
Television Set | YAS |
Machinery | YAS |
Land | NO |
Mobiles Phones | YAS |
Green Tea Leaves duly Processed | YAS |
Chicks | YAS |
Money Order | NO |
Equity Shares in Siemens Ltd. | NO |
Residential flat used in business | NO |
Malai Kulfi | YAS |
Mango tree | YAS |
American Dollars | NO |
Government Securities | NO |
Money | NO |
Gold | YAS |
Computer | YAS |
Agriculture plot | NO |
Preference Shares in Essar Ltd. | NO |
One Hundred US Dollar (US$ 100) | NO |