New Delhi, June 5 -- The GST Council is likely to soon consider the slabs of the goods and service tax. As per a new report, the Council may reduce the GST slabs from four to three, doing away with the 12 per cent GST rate.

As per the report by Hindustan Times, citing people with knowledge of the matter, officials and experts advising the Group of Ministers (GoM) over rate rationalisation have reached a "near consensus" that the current 12 per cent tax slab does not hold much relevance now.

"This could be the most plausible way to undertake a revenue neutral tax rate rationalisation exercise. However, the GST Council has to take a final call," HT reported quoting the sources.

Most Union and state government officials, experts and GoM r...