Meaning of Goods and Services

Meaning of Goods:

As per Section 2 of the Act, "goods" means:

• Every kind of movable property
• Other than money and securities
• But includes actionable claim, growing crops, grass and things attached or forming part of the land which are agreed to be severed before supply under a contract of supply

Meaning of Services:

As per Section 2 of the Act, "services" means:

anything other than goods.

Explanation 1 : Services include transactions in money but does not include money and securities

Explanation 2 : Services does not include transaction in money other than activity relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged.

To summarise:

S.no	Items	Goods	Services
1	Movable Services	Yes	No
2	Growing crops, grass and things attached to or forming part of land which are agreed to be severed before supply or under a contract of supply	Yes	No
3	Anything other than goods	No	Yes
4	Money	No	Yes
5	Transaction in Money	No	Yes
6	Actionable claim	Yes	NO