The GST Council, headed by Mr Jaitley and comprising representatives of all the states, is scheduled to meet in Srinagar on May 18-19 to finalise tax rates on different goods and services after unifying at least 10 indirect taxes into the Goods and Services Tax (GST).
Speaking at CII's Annual Meeting, he said rules and regulations governing GST have all been framed. "We are now in final stages of fixing tariffs for different commodities," he said.
"The formula under which it is being done has also been explained and therefore nobody is going to be taken by surprise, it's not going to be very significantly different (from present)," he said.
The GST Council has finalised four rate categories of 5, 12, 18 and 28 per cent after unifying levies like central excise, service tax and VAT.
The Finance Minister said the Council is of the opinion that any benefit accruing from lower tax rates under GST should be passed on to consumers.
"Profit is not a bad word... but unfair enrichment is. And therefore the benefit of reduction in taxation is a benefit that consumers are entitled to. And that's not a principle that can be seriously contested," he said.
The GST laws approved by Parliament have incorporated an anti-profiteering provision to ensure that the reduction of tax incidence is passed on to the consumers.