GoM may gradually phase out of 12% GST slab to rationalise rates, sources say

The Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalisation is likely to push for phasing out the 12 percent tax slab by gradually shifting items to either the 5 percent or 18 percent slabs to simplify the tax framework and ease compliance for businesses, people familiar with the development said. The gradual elimination of the 12 percent slab will consolidate the GST system…