"With new GST rules, the trade will definitely mature with implementations like - refund of duty, coming into execution, which did not exist in the current GST model".
The finance minister also said that he was hopeful that Jammu and Kashmir will clear GST soon.
President Pranab Mukherjee on Friday said that introduction of GST was a "momentous event" for the nation and "a tribute to the maturity and wisdom of India's democracy" while pointing out that the success of major changes always depends on their effective implementation.
The Congress and several other Opposition parties boycotted the function.
While addressing the Parliamentarians in the special midnight session of pre-GST launch, PM Modi said that it is the moment where the future course of this country will be decided.
As India readies to implement the tax, attention has shifted from exhaustive legislative efforts to get India's states and political parties on-board to what happens next as millions of small businesses file taxes for the first time. "The old India was economically fragmented, the "New India" will create One Tax, One Market and for One Nation", he added.
BOE chief Carney hints at rate rise
Leading gains on both the Dow and the S&P 500 index had been the financial sector following the clearing of the Fed's stress test. The overall risks from United Kingdom exposures are at "neither particularly elevated nor subdued", according to the BOE.
Textile traders and other sectors went on strike ahead of the launch and many businesses say they are unclear about what to charge.
Former district BJP president Chandra Shekhar Mishra said the taxation system in the country was much complicated earlier. Most economists agree the reform - first proposed in 2006 - is long overdue, but warn the initial shock to the economy is likely to drag, rather than stoke growth, as businesses adjust.
Arun Jaitley said it is time that India move from a developing to a developed economy and pointed out that there had been a tendency to evade taxes for decades. "Best brains in the country debated over it continuously, that is why we could see the GST roll-out today". GST is such a catalyst that will end the imbalance in India's development.
He, however, expected the tax base of the State government to grow in a couple of months despite marginal reduction in rates.
He said that GST would lead to vast savings of time and cost.
In his speech, President Pranab Mukherjee pointed out that the GST launch was a journey that began in 2002.
Most of the goods and services have been brought under the 5, 12, 18 and 28%.