Indian car makers have proposed cutting to 30% the tax rate on imported cars as part of a trade deal with Britain, sources told Reuters, an unprecedented move that could ease access to one of the world's most protected automobile markets.
and Tata's Jaguar Land Rover, companies fear the move could set a precedent in negotiating deals with others like the European Union , Japan or South Korea, the sources said. The shift in stance comes weeks after commerce minister Piyush Goyal firmly told senior executives of companies such as Maruti Suzuki, Tata Motors and Mahindra that India needed to make some kind of offer to Britain on autos.
"The message from Goyal was clear - if companies don't come up with a proposal on lowering taxes, the government will do it for them," said one person who attended an August meeting between the minister and company executives.However, the plan to cut tax rates to 30% over 10 years "is not enough", said a government source, while conceding that not reducing tax rates this time was "not an option". One of the sources said, "One view is to ease access for luxury cars sooner than other categories. The industry has no issues opening it up and lowering rates earlier."
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