LAHORE: By a majority vote, the Punjab Assembly approved a budget of Rs5,446 billion for the upcoming fiscal year, 2024–25.
The upgraded provincial revenue and budget measures, which include taxes that have been in place for 70 years, will go into effect on July 1, 2024.
Malik Muhammad Ahmad Khan, the Speaker of the Punjab Assembly, signed the Finance Bill. The government has also changed the rates of the registration fees for vehicles and motorbikes in the budget.
The Punjab Excise and Taxation Department is responsible for collecting the registration fee and issuing the registration number to the cars and vehicles.
Registration Fee in Punjab from July 1
Motorcycles and scooters must pay a registration charge of Rs. 1,500 in addition to an annual 10% fee to transfer registration within ten years.
For cars under 1000cc, the excise would begin collecting a Rs20,000 registration cost in addition to a 10% yearly transfer fee.
For cars with 1000cc to 2000cc engines, the registration charge is 0.02 percent of the purchase price; for cars with engines larger than 2000cc, it is 0.03%.
