Meanwhile, Jaitley also addressed the issue of black money and said, “Govt will provide reasonable compliance window under the new black money law.”

“Govt will appoint a group to oversee working of new Companies Act to find out where the shoe pinches,” he added.

Speaking in the same tone of the government, Chairman of the Empowered Committee of State FMs on GST KM Mani said he is confident of getting all states on board and meeting the roll-out deadline for the new indirect taxes regime.

Mani also feels that producing states' concerns could be addressed during the course of the year.

"Every state, including those producing states which have some concerns on possible revenue losses, and the Centre know that the Goods and Services Tax (GST) is good for them," Mani said.

"Already a large majority of states favour the GST.

Therefore, I am confident of meeting the April 1, 2016 deadline as there are many sub-committees which are working over-time to complete the process on time," he added.

When asked about the opposition from some large states ruled by the BJP like Gujarat, Maharashtra and Madhya Pradesh, citing larger revenue losses to them as producing states, Mani said he is confident of getting them on board as in the long-run, they too will benefit immensely.

"As the Chairman of the empowered committee I will always work by the principle of consensus-building. I hope my decades of public life and also my experience as the Kerala Finance Minister will help me get everyone on-board," Mani said.

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