Thiruvananthapuram, May 6 (IANS): The two-day meeting of the empowered committee of state finance ministers, starting here on Thursday, will be a crucial one as the Lok Sabha gave its nod to a pan-India goods and services tax regime, Kerala Finance Minister K.M. Mani said here on Wednesday.

"As the Lok Sabha on Wednesday gave its consent for the pan India goods and services bill, importance of the meeting assumes huge significance. Things have to fall in place among states and between states and the centre before the new law gets implemented," said Mani, also the committee's chairman.

He said besides 15 state finance ministers, 30 senior officials from the states will take part in the two-day meeting.

"This new law when it comes into effect will be hugely beneficial for all and a lot of cooperation between the states and the centre has to take place and the meeting will be able to thrash out all such things," said Mani.

Once implemented, the new law would pave the way for a pan-India goods and services tax regime and create a unified market across the country, doing away with multiplicity of central and state levies.