Speaking on the theme of 'Reimagining the Indian economy' at the SP Jain Institute of Global Management here, Jaitley expressed confidence that the long-pending Goods and Services Tax (GST) would get the approval of Parliament soon.

The Minister further said that India achieved over 7.5 percent growth rate despite global headwinds and the effort of the government would be to improve it further by promoting ease of doing business and attracting more foreign investment and preventing domestic investors from going abroad.

"One of the more important areas had been to bring India's taxation system compatible with global standards. Therefore, we are now working on direct tax systems where we want to put
the disputes behind us,” he added.

"We want people to clean up their tax issues. And therefore, in this Budget I have also suggested various windows of clearing up pending disputes," Jaitley said.

He said the government is working to bring down India's corporate tax rates gradually to a fair international level which will involve "no discretion, no rent-seeking exemption, phasing all of them out gradually and then bringing taxation rate to a flat 25 percent".

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