Finance Minister Arun Jaitley today said, the Goods and Services Tax, GST, is on schedule for implementation from 1st of July and will not lead to any significant increase in prices of goods. Addressing CII-Kotak investors' round table in Tokyo, Mr Jaitley said, the country is on track to roll out the simplified indirect tax regime. He said, there would be no cascading impact of tax under GST. <br/><br/>The Minister said, the biggest tax reform since India's independence, will replace an array of central and state levies with a national sales tax. It will create a single market, making it easier to do business in the country. He said, the tax rates on goods may go down marginally under the new indirect tax regime while services may see some increase. <br/>Terming GST a transformational system, Mr Jaitley said, there could be some small hiccups in the beginning but it will increase trade, tax collection and improve ease of doing business.<br/><br/>Mr. Jaitley said, the government has empowered the Reserve Bank of India to order lenders initiate insolvency proceedings against defaulters and create committees to advise banks on recovering non-performing loans. He said, the government will dilute its stake in state-run banks to 52 per cent once the health of the lenders improve and the money will be used to inject capital in them.