Life time tax and one-time tax on motor vehicles from Sept 3
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Life time tax and one-time tax on motor vehicles from Sept 3

Last Updated: Friday, August 31, 2012, 21:46
 
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Life time tax and one-time tax on motor vehicles from Sept 3
Kolkata: Life time tax and one time tax for five years on motor vehicles and buses would come into force in West Bengal from September three.

"The new tax structure will be enforced in the state from September 3 as per the West Bengal Additional Tax and One-Time Tax on Motor Vehicles (Amendment) Act, 2012," Transport Minister Madan Mitra said here Friday.

As per the act, 10 percent of the value of the new vehicle upto 900 cc or Rs 40,000, whichever is higher, would be the rate of life time tax, while 5.5 percent of the value of the vehicle or Rs 17,000 whichever is higher would be the rate of one-time tax.

For new vehicles between 900 cc and 1490 cc, life time tax would be 10 percent of the value of the vehicle or Rs 55,000 whichever is higher, and rate of one time tax 5.5 percent of the value of the vehicle or Rs 25,000 whichever is higher.

Similarly, for new vehicles between 1490 cc and 2000 cc life time tax would be 10 percent of the value of the vehicle or Rs 80,000 whichever is higher, and one time tax 5.5 percent of the value of the vehicle or Rs 35,000 whichever is higher.

For new vehicles more than 2000 cc life time tax would be 10 percent of the value of the vehicle or Rs 1 lakh whichever is higher, and one time tax 5.5 percent of the value of the vehicle or Rs 45,000 whichever is higher.

The tax rates would be less for old vehicles or those already registered according to their years of registration, Mitra said.

Life time tax of newly registered two wheelers have also been announced.

PTI


First Published: Friday, August 31, 2012, 21:46


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