At first glance, halving import tariffs on Scotch to 75% under the India-UK trade deal should bring the biggest cheer to India's whisky lovers. But there is little to celebrate once you look closely at India's complex tax regime.

The maker of Officer's Choice whiskey, one of India's top-selling whiskey brands, imports bulk scotch worth ₹100 crore annually. The FTA is set to reduce duties on these imports, positively impacting ABD's cost structure,