<h1>GST Council drops 28% and 12% slabs, exempts generics and life-saving drugs, states warn of revenue loss</h1> State government, opposition and a farmers' group welcomed the GST Council's decision to eliminate the 28% and 12% slabs and cut rates on several items, citing consumer relief and lower costs for agricultural inputs and medicines; generics and life-saving drugs are now tax-exempt and other drugs taxed at 5%. The state warned the cuts will reduce its revenue and questioned how compensation will be provided given the Centre ceased GST compensation in 2022, noting prior VAT receipts on production exceeded current GST receipts based on consumption. Farmers urged further cuts to 0% on certain inputs.