The Goods and Services Tax (GST) regime will be launched on the midnight of June 30 at the Central Hall of Parliament, Finance Minister Arun Jaitley announced on Tuesday.
President Pranab Mukherjee, Vice President Hamid Ansari, Prime Minister Narendra Modi and former Prime Minister Manmohan Singh will be among those who will attend the special event, Jaitley told the media here.
There have been concerns about the preparedness of the GST Network, the IT system that marks a technological leap forward for India - it will be driven by an IT back end that can process up to 5 billion invoices a month. The tax reform also poses a huge challenge with tax collectors needing to be trained and companies brought up to speed on a levy that experts say will force them to overhaul business processes from front to back.
More than 6.5 million businesses have already signed up for the GST, Mr Jaitley said earlier this week, pointing that that's more than four-fifths of those already registered to pay India's old business taxes.
With company owners using their personal tax numbers to comply with the GST, the government expects income tax dodgers to have to come clean. Only around 3 percent of people in India pay income tax.
The GST was proposed by the previous Congress-led government of Dr Manmohan Singh, but it was stalled by political gridlock over basics of the proposal including how tax revenue would be collected and divided between the states and the centre.