Tax Rate Cut demand raised again by Toyota in India

Tax Rate Cut demand raised again by Toyota in India

Bihar Tax News

Japanese Car Manufacturer once more time raised the issue of High taxes with Indian Government.

Vikram Kirloskar, vice chairman of Toyota Kirloskar Motor, said the tax cut would not only help reduce the price of cars in India, but also provide more jobs for the auto sector, contributing more to GDP. I also said it helps. He proposed a plan to cut the car tax in half in 10 years.

New cars in India are currently subject to 28% GST, with additional tax of up to 22% of the pre-showroom price depending on vehicle type. Fully Assembled Units (CBU) are more expensive with a 60% to 100% tariff based on engine and cost, insurance and freight (CIF) value. Toyota believes the current tax system is too high.”The automobile industry is taxed at a very high rate. By the time a car is manufactured and sold, in most cases it is more expensive than it was when it was shipped from the factory.” 30-50% higher (after adding) GST and all other taxes including road tax,” said Kirlosker.

The automotive sector currently contributes around 8% of India’s GDP. Kirloskar said tax cuts could help the auto sector grow and contribute more to the economy. “I have never asked for a reduction in GST, what I am saying is is it possible to plan for the long term and is there a way to lower taxes on the auto industry so that it can grow quite significantly? ?Will it be competitive both domestically and exportally, will it provide large-scale employment and benefit the economy?” he said.




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