On the first day of vehicle registration in the new financial year, the registration and transfer have significantly increased.
According to the details, this is the first day of vehicle registration in the new financial year on which the registration and transfer have been significantly increased. After a major increase in vehicle registration transfer and token tax, excise started collecting. Excise officials said that withholding tax on vehicle transfers would be collected for 10 years instead of 5 years.
Earlier, after 5 years, the vehicle transfer and holding tax were abolished. Withholding tax for non-filers on new registration and the transfer was increased by 200%. The income tax rate on token tax on commercial vehicles was also increased.
Increased income tax from Rs. 300 per seat with a token tax on non-AC 20 sets or larger vehicles to Rs. 4,000 for filers and 8,000 for non-filers.
According to excise sources, Capital Value Tax will be levied at 1% of the total value of a vehicle of 13 ccs or above. Capital Value Tax has been levied on vehicle registration for the first time.
