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%. The 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.
About Ethos Watch Boutiques:
Founded in 2003, with its two retail brands Ethos and Ethos Summit – Luxury Watch Boutiques, Ethos is currently 42 stores strong in India. Present across 13 cities, Ethos brings an international experience to watch buying for its customers here in India.
The brand’s website www.Ethoswatches.com has emerged as Asia’s largest online luxury watch platform. With over 7,500 watches from over 60 premium and luxury brands, the website attracts upwards of 1,000,000 visits per month. Ethoswatches.com is the first of its kind to offer visitors a comprehensive buying experience through various niche services including a highly-specialized team of luxury watch consultants, as well as The Watch Guide – an in house digital magazine that curates relevant and exclusive content for watch enthusiasts and collectors. In addition to this, the website provides benefits like EMI, watch insurance and after sales service to its customers through its dedicated service facilities across India.