Emerging forms of payment instruments such as mobile, digital and virtual money should also be included within the definition of ‘money’ in the GST, industry body IMC suggested today.
Even as ‘goods’ and ‘services’ have been defined in GST, money is excluded from the definition of both ‘goods’ and ‘services’. Certain ‘pre-paid payment instruments’ like mobile, digital and virtual money are not ‘money’ as defined in the GST.
Indian Merchants’ Chamber (IMC) is against any restrictions on availment of input tax credit (ITC) of the goods/services specified under Section 16(9) of GST.
There should be no restrictions on availment of input tax credit (ITC) of the goods/services specified in Section 16(9) of GST, IMC said in a statement here.
As the word ‘principal’ is already defined in the CGST Act in relation to an agent, IMC advised providing a separate definition or explanation of the word ‘principal’ used in the relevant section.