New Fixed Tax on Cars Above 2000cc

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New Fixed Tax on Cars Above 2000cc

In the recently approved Finance Bill 2023-24, the government has introduced a revised taxation system for both imported and locally manufactured vehicles falling within the engine capacity range of 2,001cc to above 3,000cc.

Under this new legislation, vehicles with an engine capacity ranging from 2,001cc to 2,500cc will be subject to a fixed tax rate of 6% based on their value. Similarly, vehicles with an engine capacity ranging from 2,501cc to 3,000cc will be subject to a fixed tax rate of 8% based on their value.

For vehicles surpassing an engine capacity of 3,000cc, the fixed rate of tax will be 10% based on the value of the vehicle. These tax rates will be applicable to both imported and domestically manufactured vehicles falling within the specified engine capacity brackets.

Sajid Khan asked on 26 Jun 2023 16:52:04 pm

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