Finance Minister Arun Jaitley said a lower level of taxation that is globally compatible is necessary if the country has to have a broader base of economy.

He said gone are the days of the philosophy that high taxation will bring greater revenues and that since 1991 the course of economy has altered itself.

“… what you need is a broader base of economy for which you need a lower level of taxation. You need to manufacture products and provide services which are more competitive in character and therefore your taxes have to be globally compatible,” Jaitley said while inaugurating the professional training of IRS officers.