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The Italian fashion house - headed up by Jeremy Scott who is famed for his statement designs - are selling a shoulder bag in the shape of a grey trash can. You know what they say, 'one man's trash is another man's treasure' and that seems to have been the inspiration behind Moschino 's latest offering. The luxury, Italian fashion house - whose logo-emblazoned accessories transcend seasons, year after year - are selling bin bags with an eye-watering price tag of £615 but these are no ordinary bin bags. No - at risk of sounding like a Marks & Spencer advert - these are luxury bin bags, only available to purchase from Selfridge's and other high-end department stores, designed for housing your prized possessions - not your food wrappers. The Trash Can Bag's exterior is plastic while the inside is lined with a softer sheepskin and features an authentic bin lid which you have to lift on and off to open the bag. The rubbish bag first came under our radars when London DJ-blogger Zoe tweeted a screenshot of the listing to her almost-65K followers. "This is the most jokes bit of fashion I've ever seen and one of the reasons why I bloody love @moschino so much. Get in the bin. ahaha," she tweeted. TBH, can think of a lot of rubbish I'd rather buy with £615 than this.
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Products like school bag and sports bag will also fall under this tax slab. "Soft luggage which is 85 percent of the market is essentially a textile operation. These products can also be made very easily by small businesses because there is no technology or heavy machinery involved. So for such a product where the tax rate is so high, it will make the product 10-15% expensive. Because the unorganised sector can make this product very easily and since half of the market is unorganised, the tempation to evade the taxes for the unorganised players at 28 percent is very very high," said Piramal. Last month, the GST Council finalised a four-tier structure for taxation of both goods and services at 5, 12, 18 and 28 per cent. Piramal along with his association, ' Luggage and Handbag Manufacturers Association ', which includes VIP Industries, Samsonite, Safari Industries and Wildcraft among others, met with the government official recently to put their point forward on the excessive tax rate being imposed on their industry. Piramal said they were meeting officials in finance ministry in New Delhi to make their representation in a hope to get the GST rate revised. According to Piramal, they were hoping bags and luggage to come under 18% GST rate as they were already paying taxes in tune of 18%. "What has happened is that most consumer durables goods have been put under 28% GST rate slab. Now most consumer durables are like air conditioners, washing machines are much more expensive.
For the original version including any supplementary images or video, visit http://retail.economictimes.indiatimes.com/news/apparel-fashion/accessories/prices-of-handbags-luggage-to-rise-by-10-15-after-28-gst-rate-vips-piramal/59105914