India has hiked taxes on cars and motorcycles imported into the country.
The tax hikes form part of Prime Minister Narendra Modi’s ‘Make In India’ campaign for the 2024 elections and will see imported cars costing less than $40,000 taxed at a rate of 70 per cent, up from the 60 per cent of earlier.
In addition, the import taxes of semi-knocked-down cars that have major parts imported separately before final vehicle assembly is done in India, will grow from 30 per cent to 35 per cent. The tax hikes will come into effect from April 1.
Read Article