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 U.K.’s trade agreement with India would place American whiskeys at a competitive disadvantage,” Lisa Hawkins, chief of communications and public affairs for the Distilled Spirits Council of the United States, told Agri-Pulse in an email.

Alcohol price in India includes state excise tax, handling charges, a social welfare fee, and distribution and retailer margins. The industry estimates final prices of imported Scotch will come down b