US President Donald Trump has raised the issue of the high import duty on motorcycles in India for the second time this month.
US President Donald Trump has raised the issue of the high import duty on motorcycles in India for the second time this month.
This despite the government lowering the duty from 75 percent on capacity above 1200 cc to 50 percent. Trump said the US was 'getting nothing' from the reduction in duty meaning u-s companies were still paying high tax for exporting to India while Indian motorcycle companies were paying 'zero' tax exporting to the u-s. Referring to his conversation with Indian Prime Minister Narendra Modi this is what president trump had to say.
Triumph India MD, Vimal Sumbly also weighed in on the hot topic of the reduction in the custom duty. speaking to CNBC-TV18 at the launch of the company's latest offering the Bonneville Speedmaster, Sumbly said that the reduction in custom duty to 50 percent from 75 percent is only for completely built units or CBUs and the volume of those motorcycles is not much. But manufacturers that assemble in India have been taxed higher both as part of goods and services tax (GST) as well as the announcement in the new Budget. He explains how the government's move is counter-productive for the sector.
