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of <h1>Understanding Supply: Goods vs. Services under Central GST Act 2017-Key Classifications Explained</h1> Under the Central Goods and Services Tax Act, 2017, certain activities and transactions are classified as either supply of goods or services. Transfer of title in goods is deemed a supply of goods, while transfer of rights without title is a service. Leasing land or buildings is considered a service. Processing another's goods is a service. Disposal of business assets is a supply of goods, while private use of business goods is a service. Renting property, construction, intellectual property rights, and IT services are treated as services. Composite supplies like works contracts and food services are also services.
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