Supply of all goods and/or services is taxable under GST. Discuss the validity of the statement. 2.5 Marks

Understanding the Statement: The statement asserts that the supply of all goods and/or services is taxable under the Goods and Services Tax (GST).

Validity of the Statement: The validity of this statement is partially correct. GST is a comprehensive tax levy on manufacture, sale, and consumption of goods and services at a national level. However, not all goods and services are taxable under GST.

Exceptions: There are certain exceptions to this rule. For instance, alcohol for human consumption is not taxable under GST. It is taxed separately by the individual state governments in India. Similarly, petroleum products such as petroleum crude, high-speed diesel, motor spirit, natural gas, and aviation turbine fuel are also currently not under the purview of GST.

Zero Rated Supplies: Additionally, there are zero-rated supplies, which include exports and supplies to SEZs, which are taxable but at a rate of zero percent.

Exempted Goods and Services: Furthermore, certain goods and services are exempted from GST. These include healthcare services, educational services, and certain agricultural products among others.

Conclusion: Therefore, while a majority of goods and services fall under the GST regime, there are specific exceptions, zero-rated supplies, and exempted goods and services. Hence, the statement that all goods and services are taxable under GST is not entirely valid.