The 56th Goods and Services Tax (GST ) Council Meeting is expected to be conducted soon. According to reports, the GST Council, chaired by the Union Finance Minister and comprising state counterparts, may discuss the removal of the 12 per cent tax slab. This will reduce the number of tax slabs from four to three. According to the report, the 12 per cent tax slab does not hold much relevance now. The officials and experts advising the Group of Ministers (GoM) on rate rationalisation are reportedly on the same page that the existing slab is not very relevant, and the items under it could be shifted to either the 5 per cent or the 18 per cent tax slab.
Will GST Council remove 12% tax slab? List of items under this slab
