New Delhi: The GST Council last week announced a new tax regime by reducing the goods and service tax on 178 items from 28 percent to 18 percent effective from today onwards.
Ethos Watches views this as a very positive step which will allow the watch business a level playing field to compete against smart watches and other device which are also pegged at GST 18%.
he lower GST rate will also help in bringing prices in India on par with international prices and support a resurgence of demand and sale, as many Indians have continued to buy watches abroad when touring, to take advantage of lower prices. Ethos has passed on the benefit of this cost reduction to customers by offering attractive price reductions. The luxury watches market has been facing challenges over the past few years and this welcome change will be beneficial to the industry.
“We welcome the revised GST regime by the government as it would lead to a pickup in consumer demand and revive business sentiment. With immediate effect, we have brought down prices across all our brands, in line with the revised rates.” said Mr Yasho Saboo, CEO, Ethos Watch Boutiques.
At Ethos, the main objective is to find new avenues to enhance the customer experience and the value offered to our patrons. Reducing prices in effect with the change in the GST structure, is in line with this goal.