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Fact Check: Can Toyota company stop investing in India due to high tax regime? Union Minister Prakash Javadekar told the truth

Fact Check: Can Toyota company stop investing in India due to high tax regime?  Union Minister Prakash Javadekar told the truth

Toyota Motors (Photo Credit: File Image)

Fact Check: On this day of the Coronavirus Pandemic, attempts are being made to confuse people by spreading fake news and false information on social media platforms. In this episode, a viral report on social media has claimed that Toyota Motor Company can stop investing in India due to the high tax regime. Union Minister Prakash Javadekar has rejected the claim being made in this report and said that Toyota will invest more than Rs 2000 crore in the next 12 months.

According to a report published by Bloomberg, Shekhar Vishwanathan, vice president of Toyota’s local unit, said that the central government was increasing taxes on cars and motorbikes, which made it difficult for companies to scale. is. He even said that we will not go out of India, but we will not expand on a large scale.

Citing the report, Union Heavy Industries Minister Prakash Javadekar wrote on Twitter that the news of Toyota company ceasing investment in India is wrong. @vikramkirloskar has clarified that Toyota will invest more than Rs 2000 crore in the next 12 months. Also read: Will Indian Railways give bonus to its non-gazetted employees? Know the reality

Prakash Javadekar tweeted

Toyota Kirloskar Motor Vice Chairman Vikram Kirloskar wrote in support of Union Minister Prakash Javadekar- Absolutely! We are investing more than 2000 crores rupees in electric components and technology for domestic customers and exports. We are committed to the future of India. With this, all efforts will continue in society, environment, skills and technology.

Next he wrote that we are seeing an increase in demand and the market is slowly recovering. The future of Toyota’s mobility in India is strong, we are proud to be a part of this journey. We are investing more than 2000 crores rupees towards electrification to help build a vehicle and a strong India.

Vikram Kirloskar tweeted

According to the report, a high tax of 28 per cent is levied on motor vehicles including cars, two-wheelers and sports utility vehicles in India. Depending on the type, length or size of the engine, an additional fee is charged, which can range from 1 percent to 22 percent. For a four-meter SUV over 1500cc, the tax can reach 50 percent.

Fact check

Fact Check: Can Toyota company stop investing in India due to high tax regime?  Union Minister Prakash Javadekar told the truth

Claim:

Toyota company may stop investing in India due to high tax regime.

Conclusion:

This report is fake because Union Minister Prakash Javadekar has said that Toyota will invest more than Rs 2000 crore in the next 12 months.

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