Motor Vehicle Tax: Punjab’s Bhagwant Mann government has given a big blow to car and two-wheeler buyers amid rising inflation. Yes, the Punjab government has increased the tax on cars and two-wheelers by up to one percent.
This will increase the cost of vehicles in the state and increase the additional burden on people’s pockets.
According to the given notification of the Transport Department, the advance new rates of motor vehicle tax will be imposed on the actual value of the vehicle. Motor vehicle taxes were also increased before the festivals.
How much tax on which vehicle now
According to the new rates, the tax on cars up to Rs 15 lakh has been increased from 9 percent to 9.5 percent, which means that the price of the vehicle will increase by Rs 7,500.
At the same time, the price of a four-wheeler above Rs 15 lakh but up to Rs 25 lakh will increase by about Rs 25,000, the reason for which is that the tax rate has been increased by one percent to 12 percent.
According to the notification of the Punjab government, the Transport Department has added another category for vehicles worth more than Rs 25 lakh and tax has been imposed on it at the rate of 13 percent.
Amidst all this, also know that the motor vehicle tax on two-wheelers up to Rs 1 lakh has been increased by 0.5 percent to 7.5 percent.
According to the government notification, if the price of a bike or scooter is more than Rs 1 lakh but less than Rs 2 lakh, then the tax rate will be 10 percent.
The notification states that an 11 percent motor vehicle tax will be imposed on two-wheelers above Rs 2 lakh.
What is the tax imposed on the vehicle
Let us tell you that when we buy a new vehicle, apart from the price of the vehicle, we also have to pay many types of taxes.
The tax imposed on the vehicle gives money to the government for the construction and maintenance of infrastructure like roads, bridges, and hospitals.
This gives better facilities to the people. Apart from this, by imposing tax on vehicles, the government also works to reduce pollution and increase road safety.