New Delhi, Oct 8 : The government is likely to release a draft paper on Goods and Service Tax (GST) by October-end to facilitate implementation of the new tax regime by April 1 next year.

The Empowered Group of State Finance Ministers will hold talks with various stakeholders and then finalise the GST draft, group chairman and West Bengal Finance Minister Asim Dasgupta told reporters.

"The responses of the states will be obtained and the draft will be finalised for discussion. We are trying to do it by this month-end," Dasgupta said here after a meeting with finance ministry officials.

The draft is being prepared by officials from the finance ministry and revenue departments of the states.

Once the new GST comes into force, excise and services levied by the central and state governments and other indirect taxes would become redundant.

The government constituted a joint working group last month to formulate the draft for the GST. (IANS)