The group of ministers of the GST Council has approved the abolition of the 12% and 28% slabs of GST. Now there will be only two slabs of GST, 5% and 18%. Luxury items will come under the 40% bracket. Group of Ministers (GoM) convenor Samrat Chaudhary gave this information. Currently, there are 4 slabs of GST, 5%, 12%, 18%, and 28%.
