12%, 18% GST rates to be merged; 28% on luxury, sin goods: FM Arun Jaitley

Finance Minister Arun Jaitley today hinted at merging 12 and 18 per cent tax rates under GST once revenue collections pick up and said the top 28 per cent slab would be for a "very thin" list of luxury and sin goods. The Goods and Services Tax (GST), rolled out on July 1, currently has four tax slabs of 5, 12 18 and 28 per cent. There is also a zero per cent tax on certain essential daily use comm…