The state government has increased the lifetime tax on four wheeler automobiles. According to the official sources, the hike is supposed to fetch additional revenue of Rs.100 crore a year. However, the two-wheelers’ lifetime tax remains the same.
Presently, the lifetime tax on cars is nine percent in our state. Tax on cars is divided into to slabs depending on the price of the vehicle. Cars priced more than Rs.10 lakh should have to pay a lifetime tax of 14 per cent of the value of the car and those below Rs.10 lakh should pay 12 per cent of the value of the car.
The lifetime tax on the second vehicle in a family and company-owned vehicles has also been hiked to 14 per cent.
The two wheelers are spared from the hike and are supposed to pay the nine percent as usual.
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