Clothes, footwear likely to cost more from January; here’s why

Clothes and footwear are expected to become costlier from January 1, 2022, as the current goods and service tax (GST) rate of 5 percent could be revised to 12 percent in order to correct the existing inverted duty structure, people aware of the matter told Mint. At present, garments costing up to Rs 1,000 attract 5 percent GST, while 12 percent tax is levied on garments of higher value. Similarly,…