The government on Wednesday said it is trying to bring the domestic tax system at par with global standards and will list of possible corporate tax exemptions that would be phased out to help a reduction in the rate from 30% to 25%.

The statement from FM Arun Jaitley came even as he said that the government had laid out a clear roadmap and had substantially put the whole idea of retrospective taxation to rest.

The finance minister said the government has "Of the major legacies issues, only one or two are left. I do not see much time before they are put to rest. The instability in tax administration is now being slowly (resolved)." The FM, however, cautioned against describing all tax demands as "tax terrorism".

He also said the government will not go soft on the issue of black money since more resources had to be brought into the system. "I have delegations coming to me saying even on domestic black money please go easy, because this is at least adding to the economic activity. Now no economy can indefinitely sustain an argument of this kind," he said.