"We are highly disappointed with the move as this will be a strong deterrent to growth of luxury cars in the country. As the leading luxury car maker, this will also affect our future plans of expansion here," Roland Folger, managing director & chief executive of Mercedes-Benz India, said. "We feel deprived as the leading manufacturer of luxury cars in the country, who's been championing the make-in India drive. "With this proposed hike, we expect the volumes of the luxury auto industry to decelerate, thus offsetting any growth in the potential revenue generation that could have come with the estimated volume growth," Folger said. Last Saturday's GST Council meeting decided to massively increase the cess on the auto sector.

Source: dna August 07, 2017 15:11 UTC