The Punjab Assembly passed the Rs5,446 billion budget for the fiscal year 2024-25 by a majority vote.

With the aim of higher revenue collection to boost the country’s economic situation the new provincial revenues and budget measures will be introduced beginning July 1, 2024, with taxes that have been in effect for 70 years being modified.

After passing the finance bill in the Punjab assembly the many new amendments in the tax collection system will take place in many departments. 

Punjab Assembly Speaker Malik Muhammad Ahmad Khan has signed the Finance Bill. The government’s budget also included revisions to the registration fees for motorbikes and autos.

Also Read: Punjab Announces New Property Tax Rates Following 2024-25 Budget Approval

So, the registration fee for the vehicles has been increased and there is no fee waiver has been given to the users of small automobiles, and heavy fees imposed on the registration of the luxury vehicles.

The Punjab Excise and Taxation Department collects the registration fee and thereafter issues the registration number to the automobiles and vehicles.

New Motorcycle and Car Registration Fees in Punjab from July 1

The registration charge for motorbikes and scooters is Rs1,500, with an extra 10% yearly fee for registration transfers within ten years.

The excise would begin collecting a Rs20,000 registration charge for cars up to 1000cc, along with a 10% yearly transfer tax.

The registration charge for automobiles ranging from 1000cc to 2000cc will be 0.02 percent of the purchase price, while those beyond 2000cc will be 0.03%.