New Delhi, Mar 22 (KNN) Goods & Services Tax (GST) will be hopefully implemented by July 1, 2017, said Union Finance Minister Arun Jaitley adding that evasion of taxes will be difficult under GST.

He was speaking at the 23rd Conference of Auditors General of Commonwealth Nations hosted by the Comptroller and Auditor General (CAG) of India.

"GST is the biggest reform in India. Hopefully, GST will be implemented by July 1. GST Bills will hopefully be cleared in Parliament," he said.

Jaitley said that India's indirect taxation regime, which is currently the most complex in the world, will become the simplest one in the world with the implementation of GST.

"We have the most complicated indirect tax systems. Once implemented, what is currently the most complicated system in the world will become the simplest in the world. The enabling laws are before the Parliament. By middle of the year (2017), we hope to see the implementation of GST," he said.

"Evasion of taxes will be difficult under GST. Size of Indian economy will increase," he added.

Jaitley also noted that India is an open economy with 90 per cent of the investment happening through the automatic route.