GST is referred as Goods and Services Tax. It is an indirect tax that was implemented to replace a variety of previous indirect taxes, including the value-added tax, service tax, purchase tax, excise duty, and others. GST is a tax that India imposes on the supply of specific products and services. There is only one tax that is imposed in India. GST is a multi-stage tax system which is comprehensive in nature and applied on the sale of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes. The main aim of this taxation system is to curb the cascading effect of other Indirect taxes and it is applicable throughout India. A 'taxable person' under the GST Act is someone who conducts business in India and is registered or needs to be registered under the GST Act. A taxable person can be an individual, HUF, company, firm, LLP, an AOP/ BOI, any corporation or Government company, body corporate incorporated under the laws of a foreign country, co-operative societies, local authorities, governments, trusts, or artificial juridical persons.