New Delhi, June 20 (KNN) Finance Minister Arun Jaitley on Tuesday reaffirmed that GST  will be rolled out  from July 1 and on preparedness of the MSMEs for GST regime he said July 1 rollout date was announced six months ago in order to give enough time to the industry to be GST ready.

He further said that the government has even relaxed return filing procedure for the first two months and if till then also anyone is not ready, it means that he doesn’t want to be ready to adopt GST.

"All GST Council decisions have been taken through consensus. SGST has been approved by all states barring J&K and Kerala. Kerala govt will pass SGST this week," Jaitley told reporters during a press conference.

"A launch function will be held in Central Hall of Parliament at midnight in the presence of the President, Vice President. Every Parliamentarian, Chief Ministers of states, GST Council members and all those who have assisted in the entire GST process. Two former Prime Ministers Manmohan Singh and Deve Gowda will also be present," he said.

Jaitley said that whenever a reform takes place, in the short-term, there will be some challenges but in the long run it will benefit the country’s economy.