Ans. As per section 2(52) of the CGST/SGST Act actionable claims are to be considered as goods.
Schedule III read with Section 7 of the CGST/SGST Act lists the activities or transactions which shall be
treated neither as supply of goods nor supply of services.
The Schedule lists actionable claims other than lottery, betting and gambling as one of such transactions.
States/ Union territory would be called the State GST (SGST)/ UTGST.
Thus only lottery, betting and gambling shall be treated as supplies under the GST regime. All the other actionable claims shall not be supplies.
Whether transaction in securities be taxable in GST?Ans. Securities have been specifically excluded from the definition of goods as well as services. Thus, the transaction in securities shall not be liable to GST.