Good News; Big discount on Vehicle Token Tax Payments- Check details here
Car owners in Punjab can breathe easier with the Excise and Taxation Department’s announcement of a 10 percent discount on vehicle token taxes when using the ePay Punjab app for payment.
This new initiative aims to simplify the process and reduce long queues by allowing transactions from home. Through the government’s ePay app, car owners can handle various tax payments online, making it more convenient to pay token taxes without visiting government offices.
The discount is available until August 30th, so it’s a limited-time opportunity.
Vehicle Token Tax
The provincial government has revised the token tax policy in the 2024 budget. Under the new rules, if you transfer ownership of a vehicle with an engine capacity of up to 1000cc, you will be required to pay the full token tax anew.
Annual Token Tax
| Engine Capacity | Annual Token Tax |
|---|---|
| 1000cc to 2000cc | 0.2% of the invoice value |
| Over 2000cc | 0.3% of the invoice value |
Lifetime Token Tax
| Description | Previous Amount | New Amount | Discount | Conditions |
| Cars up to 1000cc | Rs. 15,000 | Rs. 20,000 | 10% discount | Transfer within 10 years |
| Cars 1000cc – 2000cc | Based on engine capacity | 0.2% of invoice value | N/A | – |
| Cars over 2000cc | Based on engine capacity | 0.3% of invoice value | N/A | – |
Read More News On
Catch all the Business News, Breaking News Event and Latest News Updates on The BOL News
Download The BOL News App to get the Daily News Update & Follow us on Google News.