Understanding the basics of GST Updated on Jun 09, 2017 - 06:31:10 PM People have taken note of the GST or the Goods Services Tax law. A new law has been proposed which is set to reform how people do business and the way goods and services are taxed in India. Whether it makes goods cheaper for the common man like you and me, nobody can tell. But this is going to impact our lives in our jobs, our businesses and the overall economic environment. Reason enough for us to learn something about it! Who does it apply to? To every person who supplies goods and/or services of value exceeding Rs 20 lakh in a financial year. (Limit is Rs 10 lakh for some special category states). Compulsory registration for these. And GST must be paid when turnover exceeds Rs 20 lakh (Rs 10 lakh for some special category states). To any person making inter-state taxable supply of goods and/or services Every e-commerce operator Every person who suppli...