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Reducing taxes on auto can boost sector

Reducing taxes on auto can boost sector

Mumbai: A roadmap to reduce taxes on automobiles by half over a 10-year period to make the Indian auto industry more competitive globally and provide large scale employment to benefit the economy needs consideration, according to Toyota Kirloskar Motor Vice Chairman Vikram Kirloskar.

Although at the moment India cannot afford to slash the tax rate on automobiles drastically, he said a plan to reduce cess on the industry can be looked at considering the sector's contribution to the overall GDP of the country.

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