Centre said the total impact of the proposed rate structure on CPI-based inflation rate will be (-) 0.06 per cent. Centre said the total impact of the proposed rate structure on CPI-based inflation rate will be (-) 0.06 per cent. Their tax rate will come down from the present combined tax incidence of 29 per cent to 26 per cent. In its presentation at the Council meeting, the Centre said the total impact of the proposed rate structure on CPI-based inflation rate will be (-) 0.06 per cent. While it said that items being consumed by the upper middle class and rich should not be taxed at a rate lower than their present tax incidence, it said that items of mass consumption should not be taxed at a higher rate.

Source: Indian Express October 19, 2016 23:56 UTC