Many changes were brought about in the past 70 years’ worth of mostly unchanged policy in the budget 2024–25.
The new budget encapsulates certain drastic changes, with an increase in automobile registration fees being one of them, effective July 1, 2024.
The cost set for scooters and motorbikes is Rs 1500. The aim of these changes is to ensure conformity to the fee structure and modernize the registration process for smaller vehicles.
The transfer of the registration within a decade with a 10% annual charge is now mandatory.
Vehicles under 1000 cc engines are to pay Rs 20,000 as a registration fee to the Excise Department. Additionally, with the transfer of registration within the first ten years, the annual transfer cost of 10% will be applied.
Similarly, the registration cost for vehicles between 1000 cc and 2000 cc would be 0.02% of the purchase price. And for cars exceeding 2000 cc, the registration cost would be 0.03% of the purchase price.
The Punjab Government is absorbed in outlining provinces’ tax structures, particularly automobiles, in order to increase money, which could later be channeled to other development initiatives.
