The biggest ever tax reforms in the country’s history, the Goods and Services Tax (GST) will come into effect from midnight tonight. The historic launch of GST will be done at the Central Hall of Parliament. President Pranab Mukherjee, Vice President Mohd.

Hamid Ansari , Prime Minister Narendra Modi, Lok Sabha Speaker Sumitra Mahajan, Finance Minister Arun Jaitley and a host of political leaders cutting across party lines and senior ministers and bureaucrats from different states will witness the formal launch of indirect tax regime.

On the occasion of the launch of new indirect tax regime, the Parliament House has been illuminated.The entire building and pillars have been studded with LED bulbs.

AIR correspondent reports, a gong will be sounded at midnight to signify the birth of GST. The GST will pave the way for realization of the goal of One Nation – One Tax – One Market. The new indirect tax regime will benefit all the stakeholders including industry, government and consumers. Its implementation will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive.

It will act as a catalyst to unify the country’s economy and 1.3 billion people into a common market. Despite various tax rates of 5, 12, 18 and 28 per cent, and many exceptions, the new tax regime is aimed at eliminating the cascading tax structure. It will ease compliances and lowering tax burden on consumers.

Petroleum products such as petrol, diesel and aviation turbine fuel have been kept out of GST as of now. The GST Council will take a decision on it at a later date.