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Before that Assembly session was called for a day to discuss GST but was disrupted after opposition stormed government over different issues.

The opposition party of Uttar Pradesh Samajwadi Party on Friday chose to participate in the Parliament special session of GST launch.

After two All Party Consultative Group (APCG) meetings failed to break any ice on implementation of Goods and Services Tax (GST) following clear "No" by the opposition, another special session of the state legislature will be convened from July 4 to bring a consensus on the issue.

As of date, all States and Union Territories, barring Jammu and Kashmir, have endorsed their respective State Goods and Services Tax (SGST) Act. However, he revealed that the traders of Jammu and Kashmir were not against the tax. "But it will settle down and the country will benefit from the new indirect tax regime", Jaitley said at an event.

Alleviating fears about GST leading to rise in inflation, Jaitley said that GST is not at all inflationary in character.

He said that they won't allow the State Government to implement the Indian law in J&K.

He said a perception has been created that the GST would impact the special status and the fiscal autonomy of the state, but there is no compromise on Article 370.

Acknowledging the role of previous governments in readying the GST, the government has also invited former Prime Ministers Manmohan Singh and H.D. Deve Gowda, though the Congress still appears undecided over attending the special midnight function in Parliament. "We will fight it tooth and nail come what may", its president Muhammad Yaseen Khan said at a press conference.

While answering to question that why he used to oppose GST before coming into power, Drabu said: "I have not changed my position on GST but the tax has evolved in the last few years and it is a first federal initiative in which states have a huge say".

Asked about apprehensions among various sections about the provisions of the new law, he said, "All GST-related decisions, I don't see much of a problem". The GST will be collected on everything, from matchboxes to gold. However, CPI (M) and some other opposition MLAs and leaders participated in the meeting, demanding safeguard of the financial and political autonomy of the state.

"A more efficient system leads to larger compliances", the finance minister said.

"We enacted our own law, by squeezing the gist out of the 73rd and 74th amendments, which we deemed to be in the interests of the state", Tarigami said. "We can not turn a blind eye to our constitutional and political issues while fighting for Azadi", he maintained.