GST, or Goods and Services Tax, has been one of the biggest tax reforms this country has seen. It
is
a single tax with which those taxes that existed previously have been replaced. Such as Central
Excise, VAT, Entry Tax, Octroi, Service Tax, etc. GST was rolled out nationwide on July 1, 2017.
It
is a destination-based tax. And follows a dual model in which both the State and the Central
government levy tax on goods and services. All businesses are required to obtain a GST number for
every state that specific business has been registered in. The first step under the GST regime is
to
know whether the business is liable to register and register accordingly.