India needs globally compatible tax rates: Jaitley

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He said competition is not merely domestic but global and therefore in the last two-and-a-half decades, governments have been guided by these principles.

Tracing the behaviour of people in the last 70 years, the Finance Minister said there has been an impression if avoidance could be done of government revenue, there is nothing “improper or immoral” about it.

This was, he said, considered to be “commercial smartness” and of course some people were visited with very serious consequences.

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