Punjab Govenmenthas announced a significant hike in automobile registration fee that will be effective from July 1, 2024.
The registration fee for motorbike and and scooters is set at Rs. 1500. the inititive aimes to ensure the consistent cost structure and to optimize the registration process for mini vehicles.
Automoblies consists of engine smaller than 1000cc will have to pay 20,000 registration feeto the Excise Department, additionally, if the registrationis transferredwithin first 10 years, there will be an yearly transfer cost of 10%.
The registration fee for the vehicles consists of engine between 1000cc to 2000cc will be equivalent to 0.02% of the bying price. Whereas, the vehicle with engine larger than 2000cc, will charge registration fee equal to 0.03% of the purchase price.
the provincial Government is planning to upgrade the tax structure of the province, including the modification in automoblies registration fee structure. It is expected that increase in registration fee will raise money, that will be utilized to finance other development programs.
