GOODS AND THEIR TYPES

[abhishreshthaa]

What do the goods mean?

Every kind of movable property, save exclusions, constitutes the goods.


What is included in the goods?

• Livestocks

• Growing stocks grass and trees and plants including the produce thereof (including property in such goods attached to or forming part of the land), which are agreed to be served before sale.


What is excluded from the purview of goods?

• Newspapers

• actionable claims

• money

• stocks, shares and securities

• lottery tickets (by some states)

• such other goods as may be specified.


The classes of gods specifically defined or dealt with by the act are:-
Capital goods: - it is relevant for credit or set off tax paid on acquisition of an asset.

 

[jitendra05]

What do the goods mean?

Every kind of movable property, save exclusions, constitutes the goods.


What is included in the goods?

• Livestocks

• Growing stocks grass and trees and plants including the produce thereof (including property in such goods attached to or forming part of the land), which are agreed to be served before sale.


What is excluded from the purview of goods?

• Newspapers

• actionable claims

• money

• stocks, shares and securities

• lottery tickets (by some states)

• such other goods as may be specified.


The classes of gods specifically defined or dealt with by the act are:-
Capital goods: - it is relevant for credit or set off tax paid on acquisition of an asset.

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