BJP's Prime Ministerial candidate Narendra Modi today promised to review and reform of the taxation system in the country, saying the existing structure is a burden on common man.

"The present taxation system is a burden on common man. There is a need to reform it and and introduce a new system. It is the need of the time," Modi said at an event organized by Baba Ramdev, who had demanded abolition of all kinds of taxes and pitched for a single tax in the form of 'Banking Transaction Tax' if the BJP leader becomes Prime Minister.

Modi's remarks assume significance as the BJP has been talking about abolition of taxes in its internal meetings in the past as well. Former BJP President Nitin Gadkari had last month said that he was contemplating incorporating a proposal to abolish income, sales and excise taxes in the vision document of his party.

Gadkari is heading the team that is preparing the vision document for the general elections.

Ramdev had also said that once Modi succeeds in coming to power, he should also declare the black money being held by Indians in foreign banks to be national wealth and bring it back and also set up a National Farmer Income Commission.

Modi as well as BJP President Rajnath Singh and Leader of Opposition in Rajya Sabha Arun Jaitley expressed support for the proposals saying the party would examine them in all seriousness.

"The expectation and hope, which Baba Ramdev has put in the BJP and me personally, we will try our best to live up to that...my party leaders and experts have recently met and considered the issue for over three hours. Some problems may appear in the first sight but we will have a look at it and find new solutions," he said.