The Punjab Government has introduced a 10% discount on token tax payments made via ‘ePay’ Punjab, available until September 30, 2024. This discount is part of the new token tax policy outlined in the 2024-25 budget.
Under the new policy, there are notable changes in how token taxes are calculated. Instead of being based on engine power, the annual token tax is now determined by the vehicle's invoice value. Vehicles with an invoice value between 1000cc and 2000cc will be subject to a 0.2% annual tax, while those above 2000cc will face a 0.3% annual tax.
For vehicles up to 1000cc, the lifetime token tax has been raised to Rs. 20,000. However, if ownership is transferred within 10 years, a 10% annual discount will be applied. No lifetime token tax will be imposed if the vehicle is transferred after 10 years. Take advantage of the 10% discount – pay your token tax through ‘ePay’ Punjab today!
