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How Much Tax Do You Have to Pay to Buy a New Car?

With the registration on purchase of new vehicles, 100% increase in holding tax on the transfer, up to one thousand CC, the tax is one lakh, on large vehicles tax of Rs 2 to 4 lakh will have to be paid.

The auto sector has shown good performance in the first nine months of the current financial year with an increase of 53.8% in vehicle sales, 66.4% in truck sales, 45.8% in jeep/pickup sales, and 12.1% in tractor sales.

With the registration on purchase of new vehicles, 100% increase in holding tax on the transfer, up to one thousand CC, the tax is one lakh, on large vehicles tax of Rs 2 to 4 lakh will have to be paid.

The government has said that the holding tax has been increased for the sale of vehicles in black and for the elimination of wool.

A vehicle purchased without booking is first registered in the name of the showroom or investor to whom he takes the wool and transfers it to the buyer.

To curb this trend, the holding tax on instant transfer after registration of a new vehicle has been increased by 100%.

Tax on vehicles up to 1,000 CC has been increased from Rs 50,000 to Rs 100,000. The tax on vehicles from one thousand to two thousand CC has been increased from one lakh to two lakh.

According to market sources, the burden of this tax will fall on the buyer. Earlier, the dealer used to earn from wool, now the government will put the same money in its pocket.

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