Tax on Toyota Fortuner: Toyota Fortuner is such a car on which the company earns less money while the government earns more money. Now you must be wondering how this can happen. Let us tell you.
In the Indian market, you can see many luxury cars, which cost crores. Now, not everyone can afford expensive cars. But has the question ever come to your mind that how much do companies earn by buying expensive cars?
In this case, it is not what you think, but the opposite happens because Toyota Fortuner is such a car on which the company earns less and the government earns more. Let us explain the whole math to you.
Let us understand the whole math
The ex-showroom price of Toyota Fortuner is Rs 33 lakh 43 thousand. Whenever a car is sold, the manufacturer earns 35 to 40 thousand, while the dealer earns Rs 1 lakh. Apart from this, if we talk about the government, then on one sale, the government earns up to Rs 1 lakh by combining all the taxes.
What is the actual price of the car?
Regarding this car, in the year 2022, YouTuber and CA Sahil Jain said in one of his videos that if the ex-showroom price of Toyota Fortuner is Rs 39,28,000 (price at that time), then the actual price of the car is Rs 26,27,000, while the remaining amount is added due to two components of GST. GST compensation is 22 percent and GST is 28 percent.
How much does the government earn from a car?
Apart from this, other charges are levied on the car and this money is combined with everything like registration, logistics, fastag etc. Including all taxes and duties, the total income of the government becomes more than Rs 18 lakh. The sale of luxury cars leads to higher margins for companies and higher commission for dealers, while the tax burden on luxury cars is also high.
