Leather & Footwear

Budget 2018: Buying foreign shoes will cost more

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NEW DELHI: People who are purchasing imported fancy jogging shoes or sharp stilettos will now have to shell out more money as the custom duty on imported footwear has doubled to 20%. The levy on footwear components have also increased to 15% from earlier 10%.

About ¾ of the total number of high-end shoes sold by brands like Puma, Adidas and Nike are imported. For example- Asics Gel 360 shoes when imported into India, which currently cost Rs 15,999, may now cost Rs 17,120.

Presently the top sportswear brands are keeping their hopes intact on the ASEAN-India Free Trade Area (AIFTA) treaty, which would permit to import goods from 10 countries to India with least possible customs duty. These countries include Cambodia and Vietnam too. "After China, Vietnam is the hub for top-end sports shoe manufacturing," said an Indian shoe manufacturer and retailer. Other big brands like Woodland that manufacturers its shoes in India, has adopted the wait and watch policy for the time being.

 

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