Import duty on high end cars and wines to come down

Nov 12, 2012: As part of Broad-based Trade & Investment agreement, prices of high end cars like Audi, BMW etc. is expected to come down in 2017. The import duty on cars is expected to come down by 30%. The BTIA agreement which has been signed with 27 nations is also expected to bring down the customs duty on premium wines by 30%. Though there have been differences in the reduction of import duty between India and Europian Union as the latter wants the reduction by 2017 and the former wants it to bring it down by 2022, the impact of such move will be visible only in the times to come