Alcohol to cosmetics: British brands set to get cheaper

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- VIVEAT SUSAN PINTO

CONSUMERS OF SCOTCH whisky and gin may no longer find their favourite alcohol brands pinching their wallets as import duty on these products will be halved to 75% from 150% as part of the India-UK Free Trade Agreement (FTA) signed on Thursday.

However, this will happen in a staggered manner, meaning the duty will drop to 110% in the first year, followed by annual cuts down to 75% by the tenth year. UK cosmetics, soft drinks, perfumes and personal care products, on the other hand, will see average Indian import duties drop from 15% to 3%, say tax experts, following the FTA.