BJP wary as Ramdev insists on Banking Transaction Tax, demonetization of high-value currency notes

He claimed that the prices of LPG cylinders, petrol and diesel will come down substantially if a single tax was imposed replacing the heavy taxes that are being levied at present.

"The country is presently facing economic anarchism and tax terrorism, this banking transaction tax (BTT) is a solution to all these problems," Ramdev claimed.

Ramdev said, once fully implemented, the single tax system would generate more than Rs 40 lakh crore per annum for the exchequer as against about Rs 10 lakh crore presently.

Arun Jaitley said, there were no two opinions about simplication of taxation system, but the new system being proposed could lead to political and economic ramifications.

"Regional aspirations have increased in our federal structure, and every state is serious about its rights within the structure", Jaitley pointed out.