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Relief for European carmakers
image for illustrative purpose
New Delhi: India and the European Union on Tuesday concluded a long-awaited Free Trade Agreement (FTA), bringing tariffs on European cars entering India to 10 per cent from the current high level of 110 per cent. This lower duty will apply under an annual quota of 250,000 vehicles. At present, India charges a 70 per cent duty on imported passenger cars priced below $40,000, while vehicles costing more than $40,000 attract an effective customs duty of 110 per cent.
