Bike & Car Registration Fee Increased in Punjab
Bike & Car Registration Fee: It’s been more than a week now, and the local car market is still under pressure after the new taxes announced in fiscal budget 2024–25. A few days ago, we informed you that the general sales tax (GST) is not going to increase, but now the latest update comes from the provincial budget.
Bike & Car Registration Fee Hike
The Punjab government recently released a new budget with major reforms to car and bike registration fees, a change from the past 70 years of policy. This change will take effect on July 1, 2024. The registration fee for scooter and motorcycle owners will now be Rs. 1500, making the process easy and smooth.
Are you thinking of selling your car, motorcycle, or scooter in the first 10 years? Beware of the 10% annual transfer fee. This means that an additional annual fee will be charged on top of the normal transfer fee.
The registration fee for your current vehicle will depend on the size of the engine. Cars with engines under 1000 cc will have a fixed cost of Rs. 20,000. For those with engines between 1000 cc and 2000 cc, the fee will be a percentage (0.02%) of the purchase price. This means that the more expensive your car, the higher the registration fee. Cars above 2000 cc will be charged a higher fee of 0.03% of the purchase price.
The Punjab government is modernizing the tax structure of the province, and this change is part of that plan. The additional revenue generated from the higher fees will be used to fund various development projects in Punjab.
For further details, please visit the official website of Punjab Excise & Taxation.
Another Update
A few days ago, Finance Minister Muhammad Aurangzeb said in his speech in the National Assembly that “sales tax reduction will be used for HEVs mentioned in the 8th Plan and 73rd Series.”
After this announcement, it is a relief for local companies as the price of local hybrid cars has not increased. However, if the government decides to introduce an increased rate of GST, the price of local HEVs will increase.
What do you think about the latest move in car and bicycle registration fees? Tell us in the comments section.
Also read: Petrol Price in Pakistan Is Increase By Rs. 7.45/L Now!