Budget 2023-24: Revised Vehicle Transfer Fee in Punjab

• Vehicle transfer fee in Punjab revised under new budget for 2023-24.
• Token tax for private vehicles now based on engine capacity (CC).
• Registration fee reduced from 3% to 2% for vehicles with engine capacities between 1501 and 2000 cc.

The vehicle transfer fee in Punjab has been revised with the implementation of the new budget for 2023-24, as announced by the Excise and Taxation Department. The revision applies to all types of vehicles, including motorcycles, scooters, cars, and rickshaws. The new vehicle transfer fee came into effect on July 1, 2023.

In addition to the vehicle transfer fee, the token tax for private vehicles has also undergone a revision. Previously based on the number of seats, the token tax for private vehicles will now be determined based on the engine capacity (CC) of the vehicle.

The registration fee for vehicles with engine capacities between 1501 and 2000 cc has been reduced from 3% to 2% under the revised regulations.

Budget 2023-24 – Vehicle Transfer Fee in Punjab:

Furthermore, there have been changes to the Withholding Tax (WHT) collected by dealers during the vehicle’s invoice process. Higher WHT rates will be applicable to vehicles with engine capacities of 2001cc or above.

It is important to note that WHT for vehicles with engine capacities up to 2000cc will remain unchanged for both Filers and Non-Filers. However, significant changes have been made for vehicles with engine capacities of 2001cc or above.

The increase in the vehicle transfer fee in Punjab may put financial strain on the general public, particularly motorcycle and rickshaw owners.

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