The Minister also said measures to protect domestic steel sector from dumping by overseas manufacturers are being examined.
    
Stating that every tax demand cannot be termed as tax terrorism, he said, the government will not relent on pursuing black money in India or abroad.
    
As regards his Budget announcement of reducing corporate tax rate to 25 percent, Jaitley said, "over the next few days we will come out with list of exemptions, which we intend to phase out in the first place. Over the next four years corporate tax will come down by 5 percent and lot of exemptions will get phased out.
    
"Therefore slowly we will bring taxation levels to global standards and make taxation assessment and return simpler by just eliminating a lot of exemptions," he said.
    
Jaitley was speaking at 'India Summit 2015' organised by UK-based Economist magazine.
    
The finance minister in his 2015 Budget had announced that the government would reduce the rate of corporate tax from 30 percent to 25 percent over the next four years to align the rates with competing countries.
    
In view of surge in import of various categories of steel, the Directorate General of Safeguards (DGS) has already initiated an inquiry into the imports of steel from China, Korea, Japan and Russia.

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