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INDIA: GST Rate Cut Announced for Watches, Electrical Goods and 176 Other Products

Electrical goods/components, watches and optical products are among the 178 product categories to have their Goods and Services Tax (GST) liability cut from 28% to 18%. Among the other items to be switched from the 28% band – the highest of the GST’s four tax tiers – to the 18% band are furniture, sanitary ware, glassware, chocolates, travel goods, body care items and cosmetics. Following this revision, only 50 individual product categories remain within the 28% band.

Further details, as well as the HS chapters and headings relating to the re-designated items, can be accessed here.

Content provided by Picture: HKTDC Research
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