Tax on Cars in MaharashtraImage Credit Source: Freepik
The Maharashtra government has increased the tax by 10 lakhs on the purchase of new vehicle, giving a strong blow to those who buy new vehicles. This decision of the government will make it expensive to buy CNG, LPG and luxury vehicles in Maharashtra from July 1, that means that now you will have to spend more money to buy a new car. Apart from this, the government has also decided to impose 20 percent flat tax on the imported (petrol-diesel) vehicle.
Understand the 'account of tax'
Example: Suppose you have imported your favorite car and if you are paying Rs 1.50 crore for that car in India, then the government will impose a flat 20 percent tax charge on the car. Accordingly, tax will be made on the car imported 30 lakh rupees (20 percent of 1.5 crore). Earlier, the maximum tax on motor vehicle was Rs 20 lakh, but now you will have to spend 10 lakh more.
Tax on CNG Cars
If you bought a CNG car of Rs 10 lakh, now the tax will have to be paid Rs 80,000 instead of Rs 70,000. At the same time, tax on CNG vehicle of Rs 20 lakh will increase from Rs 1.6 lakh to Rs 1.6 lakh. There are more than 17 lakh CNG/LPG vehicles in Maharashtra, including dual fuel variants.
Tax on Petrol Vehicle
- Less than 10 lakhs: 11 percent
- 10-20 lakh: 12 percent
- Above 20 lakhs: 13 percent
Tax on Diesel Vehicles
- Less than 10 lakhs: 13 percent
- 10 to 20 lakh: 14 percent
- Above 20 lakhs: 15 percent
The 'vault' of the government will be filled
According to the Times of India report, the amendment in tax and an increase of 1 per cent will be applicable to all non-transport CNG/LPG vehicles, which will affect both the new car buyers and auto dealers. Not only this, the government has also increased the maximum limit of motor vehicle tax from Rs 20 lakh to Rs 30 lakh, that is, the tax has also been increased to Rs 10 lakh.
With this move of the government, an additional revenue of about 170 crores is expected in FY 2025-26. In addition, light vehicles with a capacity of up to 7500 kg will now be taxed at 7 percent, which is expected to receive an additional revenue of Rs 625 crore.
However, a good thing for environmental conscious buyers is that electric vehicles will be exempted from motor vehicle tax, so that green transportation can be promoted. The aim of the revised tax slab is to increase the revenue of the state, as well as to motivate citizens towards clean and electric mobility.
Source: www.tv9hindi.com
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