GST rate cut from 12% to 5% poised to brighten India's art landscape

Auction houses, galleries say the rate cut from 12% to 5% will boost liquidity, attract younger collectors, fuel growth

With the revised slabs of the goods and services tax (GST) taking effect on September 22, India’s art world was among those who welcomed the rate cut.

 

GST on art and cultural goods has been reduced from 12 per cent to 5 per cent, a move that could spark a new phase of growth in collecting, broaden the buyer base, and further boost momentum in an already buoyant market, says the industry.

 

“All art, irrespective of the materials used in its making, is now levied a 5 per cent GST,” says Ashish Anand, chief executive officer and managing director, DAG