Finance Minister Arun Jaitley on Friday announced that the Goods and Services Tax (GST) Council has decided to slash tax slabs for 178 items from 28 per cent to 18 per cent.

“The GST Council has decided to slash tax slabs of 178 items from 28 per cent to 18 per cent. It will be applicable from 15th of this month,” the Finance Minister said while briefing media here after the two-day long meeting.

For two items, tax slab has been lowered from 28 per cent to 12 per cent.

He also said the Council had been looking at the 28 per cent tax slab and constantly rationalising items in it in lesser tax slabs.