New Registration Fees for Cars and Bikes in Punjab

Jawad

28 Jun 2024

1496

New Registration Fees for Cars and Bikes in Punjab

The local car market is still reeling from the recent fiscal budget for 2024-25. The provincial budget has introduced significant changes, especially regarding car and bike registration fees, which will take effect from July 1, 2024. These adjustments mark a departure from the policies of the past 70 years.

Revised Registration Fees

The Punjab government has overhauled the registration fee structure for vehicles. For scooter and motorbike owners, the registration fee is now a flat Rs. 1,500, simplifying the process. This change aims to make the system more consistent and user-friendly for two-wheeler owners.

New Transfer Fee

A new 10% annual transfer fee has been introduced for those selling their vehicles within the first 10 years of ownership. This fee will be an additional charge on top of the standard transfer costs, impacting anyone looking to sell their car, motorbike, or scooter within this period.

Car Registration Fees by Engine Size

The registration fee for cars will now vary based on engine size. Cars with engines under 1,000cc will have a fixed fee of Rs. 20,000. For engines between 1,000cc and 2,000cc, the fee will be 0.02% of the purchase price. Cars with engines over 2,000cc will incur a higher fee of 0.03% of the purchase price, making registration more expensive for larger and more costly vehicles.

Modernizing the Tax Structure

These changes are part of the Punjab government's efforts to modernize the province's tax structure. The additional revenue generated from these higher fees will be used to fund various development projects across Punjab, contributing to the region's growth and infrastructure improvements.

Punjab vehicle fees Car registration Punjab Bike registration Punjab Punjab transfer fees Vehicle fees 2024 Punjab fiscal budget Car fees increase Bike fees hike Registration fee hike Punjab new fees

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