The GST Council may soon consider a plan to rationalise the goods and services tax rates, reducing them from four to three by eliminating the 12 per cent tax slab, according to a report by the Hindustan Times, citing people aware of the development. The 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 and the items falling under this could be shifted to either 5 per cent or 18 per cent slab.