At the stroke of midnight hour of July 1, President Pranab Mukherjee and Prime Minister Narendra Modi touched a button together and launched the "historic" Goods and Services Tax (GST).

In his speech, President said that GST is a tribute to the maturity and wisdom of India's democracy.

"Introduction of GST is a momentous event for the nation. It will make India's exports more competitive and provide level-playing field to domestic industry to compete with imports. GST is a disruptive change; however positive it may be, there are bound to be some teething troubles and difficulties,” he said.

Addressing the gathering, PM Modi said that this 'One Nation One Tax' will put an end to tax terrorism and Inspector Raj in India.

“ GST is a good and simple tax regime that will eliminate the compounding effects of a multi-layered tax system. It is is a transparent and fair system that prevents black money and corruption and promotes a new culture of governance,” the Prime Minister said.

Modi also said that GST is the economic integration of India just like what Sardar Vallabhbhai Patel had done decades back to integrate the country.

"The credit for GST does not go to one party or one government alone. It is the combined legacy of all of us," Modi added.

Finance Minister Arun Jaitley said that India will begin a new journey with GST.  

"India that will write a new destiny under GST. The reform shows India can rise beyond narrow politics. GST may be a destination tax, but for India it will begin altogether a new journey. ​The old India was economically fragmented, the new India will create one tax, one market and for one nation," Jaitley said.

Where Congress, Trinamul Congress, Left parties, RJD, BSP, DMK boycotted the launch of GST, the JD(U), Samajwadi Party, NCP attended the mega event.

All the BJP ministers, legislators, former Prime Minister H.D. Deve Gowda and special invitees present to welcome the new tax regime that replaces 17 different Central and state taxes and 23 cesses, including service tax, value added tax, entry tax, excise duty among others.