The Punjab Assembly’s Budget 2024-25 has introduced substantial changes to vehicle registration fees, updating long-standing policies.
Starting July 1, 2024, the registration fee for motorcycles and scooters will be set at Rs 1,500. Furthermore, there will be a 10% annual fee for transferring registration within the first 10 years.
For vehicles with an engine capacity up to 1,000cc, the new registration fee will be Rs 20,000, plus a 10% annual transfer fee. Vehicles with engine capacities between 1,000cc and 2,000cc will have a registration fee of 0.02% of the purchase price.
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For those exceeding 2,000cc, the fee will be 0.03% of the purchase price.
These changes aim to modernize the tax system and increase provincial revenue. The budget also focuses on improving infrastructure, education, and healthcare services in Punjab, reflecting a comprehensive effort to enhance public services and economic stability in the region.
