Definition of Goods: Model GST's movable property framing shifts tax treatment of intangibles, scrap, electricity and securities.
The Model GST defines goods as movable property excluding actionable claims and money and expressly excludes intangible property from the term 'moveable property' while separately including items such as securities and things severed before supply, producing uncertainty on the taxability of scrap and wastes, and prompting reclassification of intangibles (notably software and electricity) as services to avoid overlapping VAT and service taxation. (AI Summary)