"We are always ready for elections but I see no possibility of that (early Lok Sabha elections)," Jaitley said.
Speculations were rife that the government may call for early Lok Sabha election. Even the Opposition had said that they were battle ready.
Jaitley was in Tripura to release BJP's manifesto for Assembly elections.
Election to the 60-member Tripura Assembly would be held on February 18. The BJP is contesting in 51 seats while its alliance partner Indigenous People's Front of Tripura (IPFT) has fielded candidates in nine seats.
BJP's manifesto -- 'Vision Document Tripura 2018' -- said Special Economic Zones (SEZs) would be set up in the state for sectors like food processing, bamboo, IT and textiles.
It promised employment to every household, free education for women till graduation, 7th pay commission salary to state government employees and free smartphones to youth.
Jaitley said: "In the last assembly elections in 2013, the BJP got very small percentage of votes (1.54 per cent) in Tripura. Now this time it is a big political force... every day, every minute, the BJP continues to expand its base."