To determine which statement is not true about Goods and Services Tax (GST), we need to understand the nature and scope of GST in India:
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GST Overview: GST is a comprehensive indirect tax levied on the supply of goods and services across India, replacing multiple indirect taxes previously levied by the central and state governments.
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Transaction in Securities: In India, the transaction in securities is considered as a supply of neither goods nor services. As per the Central Goods and Services Tax (CGST) Act, securities are explicitly excluded from GST. Hence, transactions in securities are not liable to GST. This makes the statement "The transaction in securities shall not be liable to GST" true.
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Purchase of Edible Oils: Edible oils fall under the category of goods subjected to GST. Thus, the purchase of edible oils is liable to GST, making this statement true.
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Purchase of Vehicles: Vehicles are also considered goods under GST law, and their purchase is liable to GST. Therefore, this statement is true.
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Purchase of Gift Items: Gift items purchased from a shop are also liable to GST as they constitute goods. This statement is true.
Upon reviewing all options, the statement "The transaction in securities shall not be liable to GST" is in fact true. However, since the question asks which statement is not true, it seems there might be a misunderstanding in presenting the correct answer option.
If considering logical interpretation of the options provided, all listed transactions except the one concerning securities indeed fall under GST liability. Therefore, the correct understanding aligns with recognizing securities transactions outside the purview of GST, making it technically "not liable" contrary to the other options.