Updated By: LatestGKGS Desk
Securities excluded from GST Government revised three bills
Government revised three bills of GST, Securities to not include in Goods and Service tax
The securities such as stock markets, brokers, banks and mutual funds will be excluded from GST.
The Government has excluded securities from the definition of goods as per revised draft model Goods and Service Tax law.
Section 2(49) of the revise law states that ‘goods’ means every kind of a movable property other than money and securities.
Model GST Law, Integrated GST Law and GST Compensation Law revised
The previous draft bill has included securities in definition of goods.
The Government has revised Model GST Law, Integrated GST Law and GST Compensation Law to introduce GST and compensation bills in the winter session of the parliament.
The bills have introduced new concepts of ‘mixed’ and ‘composite’ goods as well as anti-profiteering measures.
The bill will be taken up in the GST council held on 2nd or 3rd December.
