Following the approval of Punjab Assembly Budget 2024-25, the vehicle registration fees saw significant hike marking a notable shift in policies that have remained largely unchanged for 70 years.
Starting July 1, 2024, the registration fee for motorcycles and scooters will be fixed at Rs 1,500.
Additionally, there will be a 10% annual fee for the transfer of registration within 10 years. For vehicles with an engine capacity up to 1,000cc, the Excise Department will charge a registration fee of Rs 20,000, along with a 10% annual transfer fee.
For vehicles with engine capacities between 1,000cc and 2,000cc, the registration fee will be set at 0.02% of the purchase price. Vehicles exceeding 2,000cc will incur a registration fee of 0.03% of the purchase price.
These changes are part of a broader effort to update and streamline the province's tax structure, aiming to boost revenue while modernizing the taxation system. The budget also includes measures aimed at enhancing infrastructure, education, and healthcare services across Punjab.
