Posted by : CS K. K. Agrawal Jul 11, 2018





Following important definitions are proposed to be changed

1. Business
2. Services

(17) “business” includes––
(h) services provided by activities of a race club including by way of totalisator or a license to book maker or activities of a licensed book maker in such club; and

Changes are being made to ensure that all activities related to a race club are included. The term “services” in this clause leads to ambiguity, as actionable claims have been defined as
‘goods’ in the CGST Act.

(102) “services” means anything other than goods, money and securities but includes activities 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;
Explanation-For the removal of doubts, it is hereby clarified that the expression “services” includes facilitating or arranging transactions in securities

Although ‘securities’ has been excluded from the definition of ‘goods’ and ‘services’ in the CGST Act, facilitating or arranging transactions in securities is liable to GST. This has been clarified recently through a detailed FAQ on Banking and Insurance wherein it has been clarified that if some service charges or service fees or documentation fees or broking charges or such like fees or charges are charged in relation to transactions in securities, the same would be a consideration for provision of service and chargeable to GST.

It is proposed to insert an Explanation in order to remove any doubts.

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