In accordance with the caretaker government’s budget, the Excise and Taxation Department Punjab has increased transfer costs for motorbikes, cars, rickshaws, and commercial vehicles.
What Are the Most Recent Transfer Fees?
The department has announced a transfer fee hike for the first time in 19 years, effective July 7, 2023. The transfer price for motorcycles has been raised from Rs150 to Rs500, while the fee for automobiles up to 1000cc has been submitted to Rs2,500 from Rs1,200.
The transfer costs for automobiles up to 1800cc have been hiked by Rs3,000 to Rs5,000, while over 1800cc, the excise authority will collect Rs10,000 instead of the prior Rs3,000. The commercial vehicle transfer charge has been raised from Rs1,000 to Rs5,000.
The provincial government, on the other hand, has decreased the registration price for 1501-2000cc automobiles by one percent, bringing it down to 2% from 3% previously.
Furthermore, the government has extended the 95% tax break for electric vehicles until June 2025. It has also established a new withholding tax on car registrations larger than 2001cc.
Private automobiles, which were formerly subject to a nominal tax of Rs 2,500 per seat, will now be charged depending on engine capacity.
