摘要
印度新版GST稅率9月22日啟動，透過降稅措施來因應美國關稅挑戰，並改善民生、進一步刺激消費，有助於印度消費相關族群發酵並帶動投資市場信心。
印度政府推出新版GST稅率架構，將於9月22日起實施，這樣改革將嘉惠農民、中小企業、中產階級、再生能源、婦女與青年，透過減稅刺激國內消費並緩解美國加徵關稅之影響，預估新稅率將使通膨約下降1.1%，並進一步刺激消費。
GST稅率如何調整？
根據印度財政部公告，新版GST採5%和18%兩段式稅率的結構，12%和28%品項調整為較低稅率，豪華車、菸草及香菸等奢侈品與有害品將是少數40%高稅率。主要相關降稅分類如下：
- 18%降至0%：個人壽險與健康險等保險費用。
- 12%降至5%：個人護理與清潔用品、日常食品、零食與調味品、醫療保健用品、農業設備、文具用品等。
- 28%降至18%：耐用家電與電子用品(含冷氣、電視、洗衣機、冰箱、手機及電腦等)、小型汽車與兩輪車、水泥與建材。
哪些產業或行業最為受惠？
瀚亞投信分析，GST稅率直接受惠產業，較集中在消費層面，例如：耐久財、可選消費，像是汽機車與相關零部件、鐘錶/鞋類/服飾等零售通路消費，甚至連醫療保險都涵蓋在內，預期直接、間接受惠的產業面向相當廣，可以對市場帶來正面效應。
積極振興內需 抵抗外部風險
美國對印度大宗輸出商品追加至50%的懲罰性關稅，對印度投資市場帶來沉重壓力，也引發外資持續撤出。外資8月份撤資規模達340億盧比（約40 億美元），創下六、七個月高點。
瀚亞投信認為，50%的關稅可視為短線利空，但結構性風險有限，主要因印度長線具備強大的內需及數位轉型趨勢，有望持續支撐經濟成長。綜合而言，市場在內需政策利多與外部風險中搖擺，短線信心偏敏感，中期仍須留意「政策支持能否穩定資金流入」；然放遠中長線，投資人關注仍會回歸基本面，產業若未受到關稅影響，其獲利財報、營收增長等能夠展現增長，加上關稅議題逐步淡化，2026年補漲動能及發酵的機會反而大。
投資建議方面，瀚亞印度基金(本基金配息來源可能為本金)持股佈局以金融、消費族群為主，相關布局產業瞄準印度高消費轉型商機消費題材，受惠於GST稅率下調的政策，並看好外資後續回流金融類股，投資人可把握目前投資印度中長期的良好進場時機。
瀚亞印度基金(本基金配息來源可能為本金)除前收A級別外，新增前收B配息與後收S配息級別，並提供新台幣、美元、人民幣等多元幣別選擇，投資印度選擇更多元。
資料來源：瀚亞投信，2025/9/12。
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