Two-wheeler, car buyers will have to shell out more in Punjab
Now buying two-wheelers and four-wheelers in Punjab will be costlier as the AAP government has increased the motor vehicle tax on them under the new tax system to recover revenue loss.
IANS
Aug 22, 2024 01:33
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Chandigarh, Aug 22 (IANS) Now buying two-wheelers and four-wheelers in Punjab will be costlier as the AAP government has increased the motor vehicle tax on them under the new tax system to recover revenue loss.
The tax is on the actual cost of the vehicle, excluding taxes, an official of the state Transport Department said.
Earlier, the government has imposed a green tax of Rs 3,000 on registration renewal of petrol-run private four-wheelers with engine size up to 1,500 cc after 15 years. For diesel vehicles, the green tax will be Rs 4,000.
Those eyeing larger sedans, sports utility vehicles and luxury cars, costing above Rs 25 lakh, a tax of 13 per cent on the cost of the vehicle has been imposed. This means for a vehicle costing Rs 30 lakh, the tax would be Rs 3.9 lakh.
As per the notification for the motor vehicle tax, a four-wheeler costing up to Rs 15 lakh has become costlier between Rs 7,000 and Rs 20,000. The maximum impact would be on the vehicle costing between Rs 15 lakh and Rs 25 lakh, wherein the tax has been increased by one per cent.
In the two-wheeler's category, buyers of a vehicle costing up to Rs 1 lakh will have to shell out tax of 0.5 per cent. The vehicle costing between Rs 1 lakh and 2 lakh, the tax will be one per cent.
A new category has been introduced for high-end two-wheelers costing above Rs 2 lakh, wherein the tax slab is 11 per cent of the cost of the vehicle.
The official admitted the government aims to surge revenue with the hike in vehicle taxes.
However, industry experts say additional tax could hit a manufacturing base, especially for small cars.
--IANS
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