<h1>GST slab rationalisation reduces rates and abolishes highest slabs, easing tax on agricultural inputs and medicines.</h1> The GST Council has rationalised slabs by eliminating the former highest rates and reducing taxes on multiple items, notably agricultural equipment, bio fertilisers and cardboard boxes, and by abolishing tax on generic and life saving drugs while taxing other medicines at a low rate. The changes will lower consumer prices but are expected to reduce consumption based GST revenues for smaller states, raising concerns about compensation after central compensation arrangements ended.