Jaitley introduces GST Bills in LS, max rate capped at 40%

Finance Minister Arun Jaitley on Monday introduced four bills in Lok Sabha, providing for a maximum GST rate of 40%, an anti-profiteering authority, and arrests for evading taxes. However, the actual rates would be a four-tier tax structure of 5%, 12%, 18%, and 28% as approved earlier. The peak rate of 40% is only an enabling provision for financial emergencies.