New Vehicle Registration Fees, Withholding Tax Rates In Punjab

Web Desk — The Punjab Excise and Taxation Department has shared the revised registration fees and withholding tax rates for vehicles. The aim behind the revised rates is to streamline the taxation system and provide relief to vehicle owners.

As described in a recent circular, the registration fee for vehicles with engine capacities ranging from 1501cc to 2000cc has been reduced. Previously set at 3%, the registration fee for this category has now been lowered to 2%. This cut is a way to provide financial relief to owners of mid-range vehicles.

The circular, in addition to the cut in the registration fee, highlights changes in the withholding tax rates for vehicles in Punjab. The updated withholding tax rates as provided in the circular are as follows:

Those who want to purchase mid-range vehicles can benefit from the reduced registration fees. It is essential, for the existing vehicle owners, to stay updated with the revised withholding tax rates to ensure accurate tax payments and avoid any penalties or misunderstandings.