Lucknow: Thanking all political factions for extending their support to the Goods and Services Tax (GST) bill, Prime Minister Narendra Modi on Tuesday stressed that India would set an example following its implementation.

"GST is commencing from July 1. I am grateful to all those who gave consensus for GST. After successful implementation of GST, India will set an example in the world," the Prime Minister said while addressing media at Dr. APJ Abdul Kalam Technical University here.

Thanking all political parties, state governments for its support, the Prime Minister further said that all the political parties have shown that country is above politics.

"I am thankful to all the political parties. The GST will proved to be a miracle. The credit goes to all parties, assemblies, Lok Sabha and Rajya Sabha. We will try to overcome difficulties," he added.

The GST will be rolled out from midnight of June 30 in the presence of several dignitaries including President Pranab Mukherjee, Vice President M Hamid Ansari and Prime Minister Modi, besides other luminaries.

Addressing media, Finance Minister Arun Jaitley on Tuesday said that he anticipated the uniform tax system would help generate revenue and strengthen the Gross Domestic Product (GDP).

While asserting that post the GST roll out in the medium and long term, the spending capacity of Centre and states would increase, Jaitley predicted short term challenges for all sections of society.

"We anticipate over the medium and the long term, being a more efficient system which is prone to checking evasion, the revenues will grow. The spending capacity of the government at the Centre and the states will increase. Consequently, it should have a positive impact on the GDP. We must be prepared for short term challenges on the GST rollout," Jaitley said.

He also cautioned that those states not implementing the GST from July 1, could face challenges and problems.

Elucidating the chronology of the programme organised to launch the tax system, Jaitley said the launch would take place at midnight, which will be followed by the address of President Pranab Mukherjee and Prime Minister Narendra Modi.

Vice President Hamid Ansari, Lok Sabha Speaker Sumitra Mahajan, all members of parliament and the GST Council, chief ministers, officials who have assisted in the whole process, the chairpersons of the empowered committees and former prime ministers Manmohan Singh and HD Deve Gowda will be present at the event.