A group of ministers (GoM), authorised to examine rate rationalisation by the all-powerful Goods and Services Tax Council, is reportedly considering abandoning the 12 per cent bracket while retaining the 18 per cent and 28 per cent slabs.
A final decision on any modification in slabs would be taken by the GST Council. The GoM, headed by Karnataka chief minister Basavaraj Bommai, has been tasked to recommend rationalisation in tax rates, amalgamation of slabs, review of the exempt list and correct duty inversion.
The GoM on tax slab rationalisation was given time for three months in June to submit its report.