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The GST Council is likely to soon consider the slabs of the GST. As per a new report, the Council may reduce the GST slabs from four to three, doing away with the 12 per cent GST rate.
The fitment committee under the GST Council, comprising central and state officials, has begun a rate rationalisation exercise afresh, checking the possibility of dropping some of the rates, particularly the 12 per cent slab, to achieve a revenue-neutral structure, a senior official with direct knowledge of the matter told Business Standard.