Sanjiv Bajaj is of the opinion that bringing in items like electricity, fuel under GST will further help simplify, cut costs, and make industry more competitive.
He said taxes on petrol and diesel were increased by the government at a time when the price of crude oil in the international market was low and the same needed to be reversed.
He said various factors combined with the hope of a strong monsoon "should put us in a better place" by the second half of the year for policymakers to decide where inflation and interest rates move.
The last rites will be held on Sunday. Bajaj is survived by two sons, Rajiv Bajaj and Sanjiv Bajaj; and daughter Sunaina Kejriwal.