Finance Minister Arun Jaitley assured the industry that the government would strive to lower tax rates and broaden the tax base to increase revenue collection.
In an interaction with FICCI, the minister also called upon the industry to pass on benefits of GST rate reduction to consumers.
"The finance minster said that the thrust of the government is to lower the tax rate and increase the tax base and keep the revenue collections moving up. He said that the indirect tax collections will further increase in future," a finance ministry statement said.
The minister said GST is now on the track and is in process of fast settling down and the government will continue with direct and indirect tax reforms in order to facilitate and further expedite the process of ease of doing business in the country.
"He (Jaitley) asked the captains of Indian industry to comply with the recent recommendations of the GST Council with regard to reduction of rates of various items and pass on the benefits to the consumers at large," the statement added.
Talking to reporters after the meeting, FICCI President Sandip Somany expressed satisfaction over the minister's assurance that the corporate tax rate would be brought down to 25 per cent with the increase in revenue collection.
Currently, businesses with turnover of up to Rs 250 crore pay corporate tax of 25 per cent, while those above the threshold are taxed at 30 per cent.
(with news agency inputs)