India-UK Trade Deal Cuts Import Duty from 110% to 30%
luxury car India
India-UK Free Trade Agreement is expected to come into effect on the 15th.
This will mean that India will cut duties for completely imported luxurious cars from the United Kingdom.
Duties will be slashed down from 110 percent to 30 percent.
This will help make premium British cars cheaper in India.
It will be advantageous for initially 20,000 units of imported cars per year.
Thus, prices for Rolls Royce, McLaren, and Land Rover range will fall.
Even though the manufacturers haven’t yet announced the new prices, the reduction might be as high as 25 percent.
For instance, McLaren 750S car costs about ₹7.95 crore at present.
The new price of it might go down to ₹4.95 crore.
Likewise, McLaren GT model will cost about ₹3.83 crore instead of ₹6.15 crore.
On the other hand, the McLaren 750S Spider can go from ₹8.78 crore to ₹5.46 crore.
Also, the Range Rover SV can be reduced from ₹4.25 crore to ₹3.50 crore.
Furthermore, the Range Rover Sport SV can come down from ₹2.75 crore to ₹2.35 crore.
Lastly, the prices of Rolls-Royce models can become 20 to 25 percent cheaper.
Currently, Rolls-Royce cars cost around ₹7.6 crore to ₹15 crore.
According to the deal, the yearly import quota is to start with 20,000 units.
After five years, the quota is to be raised to 37,000 units.
Over fifteen years, the total number of imported cars is to become 378,000 units.
Besides that, the duty on large cars will go down to 10 percent within five years.
At the same time, medium cars duty will decrease from 66 percent to 10 percent.
Lastly, imported cars can become 7 to 10 percent of the sales.
Nowadays, imported cars constitute only 3 to 4 percent.
luxury car India
