Chandigarh: Purchasing cars and two-wheelers in Punjab will now be more expensive, as the state government has increased the motor vehicle tax by up to one percentage point. This tax hike has been implemented just before the upcoming festival season.
As per the latest notification from the Department of Transport, the newly revised motor vehicle tax rates will be applied to the actual purchase price of the vehicle.
New rates for four-wheelers
According to the new rates, the tax on a four-wheeler costing up to Rs 15 lakh has been increased from 9 per cent to 9.5 per cent, leading to a price rise of up to Rs 7,500.
For vehicles priced between Rs 15 lakh and Rs 25 lakh, the tax rate has been raised by one percentage point to 12 per cent, resulting in an approximate increase of Rs 25,000. Additionally, a new category has been introduced for vehicles costing above Rs 25 lakh, with a tax rate of 13 per cent, according to the notification.
New rates for two-wheelers
For two-wheelers priced up to Rs 1 lakh, the motor vehicle tax has been raised by 0.5 percentage points to 7.5 per cent. If a two-wheeler costs between Rs 1 lakh and rs 2 lakh, the tax rate will be 10 per cent. For two-wheelers exceeding R 2 lakh, the tax rate will be 11 per cent, as per the notification.
(With PTI inputs)
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