India's tax restructuring a 'huge reform', will boost competitiveness, says Maruti Suzuki chair

India's proposal to rationalise goods and services tax is a "huge reform", which is bound to have good outcomes, RC Bhargava, chairman of the country's top carmaker Maruti Suzuki, told Reuters on Monday.

The restructuring will increase competitiveness of Indian products and the opening of trade borders will bring in the necessary competition, which will help expand the market and benefit customers, he said.

India's federal government has suggested lowering the goods and services tax on small cars to 18% from 28%, as part of its sweeping consumption tax cuts, Reuters reported on Monday, citing a government source.