India's GST Council has lowered the tax rate on ready-made garments priced up to Rs. 2,500 to 5%, down from 12% for items in the Rs. 1,000–2,500 range. This decision aims to enhance affordability for lower and middle-income consumers and stimulate growth in the apparel sector. Crisil Ratings projects that this tax reduction could boost revenue growth for the organised apparel retail sector by 2 percentage points, with total revenue growth expected to reach 13% to 14% this fiscal year. The tax cut comes ahead of the festive season, a crucial sales period, and is anticipated to benefit value and mid-range brands, which constitute 65% of the sector's revenue. However, garments priced above Rs. 2,500 will now incur an 18% GST, potentially impacting premium and luxury segments.
India Reduces GST on Apparel Under Rs. 2,500 to 5%
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