Raymond Lifestyle to cut apparel prices after India's GST reduction

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Raymond Lifestyle plans to reduce prices on select apparel items, an executive said on Thursday, making the suitmaker one of the first companies to respond to the Indian government's move to cut consumption tax.

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The biggest tax code restructuring in eight years by Prime Minister Narendra Modi's government - made after U.S. President Donald Trump imposed punishing tariffs on imports from India - lowers the goods and services tax on clothing costing less than 2,500 rupees to 5 per cent.

"Immediately from September 22, we will pass on (the tax benefits to consumers)," Raymond Group CFO Amit Agarwal told Reuters, adding that roughly two-thirds of Raymond's apparel was priced below 2,500 rupees."