The Finance Minister Arun Jaitley said that the Goods and Services Tax needs to be implemented by September next year, as further delay could leave the system getting no tax at all.

"It's a constitutional compulsion to implement the GST by September... if we don't have the GST, we can have no tax at all," Jaitley said at an event on Friday.

The Prime Minister Narendra Modi's move to ban high currency notes and implementation of GST will manifold India's GDP, which will address the concern that many economists are raising. 

"Demonetisation plus GST means bigger economy, and higher and better GDP," Jaitley said.