Once implemented, he said, GST combined with more digitised economy resulting from currency demonetisation and a more efficient tax system will "make India look much better, make our economy look much cleaner, much bigger".
If that happens, according to a report in The Hindu Businessline, Finance Minister Arun Jaitley may announce a hike in the service tax rate in the upcoming budget.
The minister said that though they have kept September 16 as the deadline for the implementation, they will try to implement it by April.
"GST Council is deliberative democracy in action". The central government taxed manufacturing and services while the state government taxed sales, luxury, entry of goods and purchase.
Stressing the implementation of GST, the FM said that most of the issues have been resolved; few critical issues are left which will be resolved in the next few weeks.
"Country needs bold decisions to reform the economy".
Three years ago, Jaitley said, India had fallen off the global radar.
Demonetisation "is going to have an impact over the course of our present and future lives", said Jaitley.
"Difficult decisions initially pass through hard phases", he added.
While referring to governments' sudden notes recall decision that has led to huge cash crunch, Jaitley said that hard decision in the beginning pass through tough times.
Revenue secretary Hasmukh Adhia said in his speech at the Vibrant Gujarat seminar said that the GST will usher in a very simple and less burdensome taxation regime as it will be a single rate indirect tax which can be paid by debit/credit cards, cheques and NEFT.
He said, GST will make it easier for traders and industry to access Input Tax Credit and also ease compliance burden as the entire country will become a single market.
The Minister said that people want transparency.