Economy Government was 'ill-prepared' to implement GST, says Congress Updated : December 25, 2018 09:05 PM IST The GST council in its 31st meeting on Wednesday slashed tax rates for 23 commonly-used items. The rates have been reduced from 18 percent to 12 and 5 percent respectively. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.