Government has ruled out widespread demand to rollback excise and customs duty on petroleum products including 18% Minimum Alternative Tax ,MAT, in the Union Budget proposals for 2010-11.<br/><br/>During a post budget interaction with the captains of industry in New Delhi today, Revenue Secretary, Sunil Mitra clarified that effective corporate tax is around 22% and Finance Minister rewarded common man and industry with lot of consumption as well as savings power and no roll back could be possible on these issues .<br/><br/>The Revenue Secretary pointed out, Fiscal consolidation and growth would continue to be top priority of the government for which 26,000 crore rupees would have to generated in next fiscal. Mr. Mitra, however, admitted that inflation could marginally go up in the short term on account of upwardly increase in customs and excise.<br/><br/><br/>Rejecting a report in a particular newspaper quoting him, Mr.Mitra clarified that he never said that taxes will increase following GST regime. He said, he had made a combative statement vis-a-vis recommendations of 13th finance commission.<br/>