Four-wheelers costing more than Rs. 10 lakhs will now fork up a registration cost of 10% while two-wheelers costing more than Rs. 40,000/- will pay the same too.
Our government surely knows how to increase revenue by every means. Citizens who are planning to buy an executive sedan or a compact SUV will now have to foot more than Rs. 1 lakh to register the vehicle. The government is passing a new rule that states that vehicles costing Rs. 10 lakhs or more will have to pay 10% registration charges, a hike of 2% from the current rate of 8%. Vehicles that are priced lower than Rs. 10 lakhs will continue to pay 7% registration charges only. The government is taking these measures to increase its revenue.
Coming to two-wheelers, bikes costing more than Rs. 40,000/- will invite a registration cost of 10% while motorcycles priced lower than that will be charged 7%. The government is planning to pass a similar rule for commercial vehicles also. Initially, this rule will be applicable to Uttar Pradesh but then it may be applied all across the country too. The state has witnessed a huge increase in the number of new vehicles hitting its roads and this may have led the government to pass such a ruling.
Around 12.5 lakhs two-wheelers are registered in the state of Uttar Pradesh each year and hence the government is looking to raise an additional Rs. 183 crores through these increased taxes. In a similar way, more than 50,000 high-end four-wheelers are registered in the state per year and the 2% increase in rate will help raise a revenue of Rs. 79 crores. Until now, trailers that come attached with trucks were not charged anything, but the government is mulling over the idea to start charging trailers too. Rickshaws, tempos and loading vans will be charged a one-time tax instead of an annual tax.
