G Goods and Services Tax (GST), a major tax reform in India, came in to effect from July 1, 2017. But are we prepared for it? GST is any supply of goods or services for a consider- ation, in cash or kind, in the course of business. It is applicable under different rates for different goods (0%, 5%, 12%, 18% and 28%), based on whether they are basic commodities or luxuries. Goods have different slabs, but all services attract a uniform rate of 18%.