Jaitley, who attended the Bengal Global Business Summit, said that the Planning Commission was relevant in a command economy stucture.

"Now a particular scheme can be relevant for one state but not suitable for another state. In the process, the states will be more financially empowered and get more central funding," Jaitley said.

Regarding implementation of GST, Jaitley said no state would stand to lose a single rupee as revenue, and West Bengal, being a 'consuming' state, substantial amount of revenue would accrue in the first year of GST rollout.

There was no doubt about that, he emphasised. West Bengal had objected to GST fearing revenue loss.

He also said that proceeds of coal block auction would benefit West Bengal since it was a coal-producing state.

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