Closed shops are seen during the strike against the implementation of the nationwide Goods and Services Tax (GST) in Kolkata, capital of eastern Indian state West Bengal, on June 30, 2017. (Xinhua Photo/Tumpa Mondal)

NEW DELHI, June 30 (Xinhua) -- India is all set to implement its biggest ever tax reform, the Goods and Services Tax (GST), from Saturday.

Officials Friday said all preparations for the launch of the new law have been put in place.

"GST is a historic tax reform, which will come into effect from July 1, 2017," a government spokesman said. "It will completely transform the indirect taxation landscape in the country involving both the central (federal) and state levies. In a departure from the normal practice, GST will be administered together by the center and states."

Indian Prime Minister Narendra Modi would unveil the new tax regime at midnight at a function in central hall of the parliament house.

"To commemorate the historic occasion, a function will be held in the central hall of parliament on the midnight of June 30-July 1, 2017," said the spokesman.

The function will be attended by Indian president, vice-president, speaker of Lok Sabha, the lower house of the parliament, and finance minister, besides other important dignitaries.

Although opposition parties in India have citied reservations about the new tax regime, Finance Minister Arun Jaitley has made a last-minute appeal to the opposition to reconsider their decision.

GST is the biggest tax reform since India's independence which government says will pave the way for realization of the goal of "one nation, one tax, one market."

According to the government, GST will benefit all the stakeholders namely industry, government and consumer.

"It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive," the spokesman said.