GST Council may Step Anti-Clockwise on GST rates of Luxury Watches & Shoes

The GST Council is expected to review the tax rates on luxury watches and shoes in the upcoming meeting. This review could lead to a downward adjustment in the current GST rates for these luxury items. The council has been considering various options to make these goods more affordable for consumers while maintaining the integrity of the GST system. If approved, the changes may provide some relief to consumers of luxury watches and shoes. This decision has generated anticipation in the luxury goods market, with many stakeholders hoping for a reduction in the overall tax burden, making these high-end products more accessible to a larger audience.