Union Finance Minister Arun Jaitley on Tuesday said the Goods and Services Tax (GST) regime will be launched from the Central Hall of Parliament on 30 June midnight.

"GST launch function will be held at the Central Hall of Parliament; MPs, CMs and state finance ministers will be invited for the event," the finance minister said.

Jaitley said President Pranab Mukherjee , Prime Minister Narendra Modi and two of his predecessors will there for the launch. PM Modi will deliver a speech at the special gathering of parliamentarians. All Chief Ministers will be invited for the inauguration.

Talking on the positives of the GST, Jaitley said, "Over medium to long term, revenues of Centre, states will grow and size of formal economy will grow too."

Earlier, he had said that companies will be allowed to file late returns for the first two months so that they can adapt to a new online-filing system.

Under the GST, firms will require to file three online returns each month.