The Punjab Assembly has passed the new budget for 2024-25, which brings a major hike to vehicle registration fees starting July 1, 2024. For scooters and motorbikes, the registration fee will now be Rs. 1,500. This change is aimed at making the registration process easier and ensuring a fair cost structure for smaller vehicles.
Furthermore, there will be a 10% annual fee for transferring vehicle registration within ten years. This means if you want to transfer ownership of your car, motorbike, or scooter, you will have to pay an extra yearly fee during this period.
Vehicle Registration Fees:
- Scooters and Motorbikes: Rs. 1,500 registration fee.
- Vehicles with Engines Smaller Than 1,000cc: Rs. 20,000 registration fee. However, if the vehicle is transferred within ten years, there will be a 10% annual fee.
- Vehicles with Engines Between 1,000cc and 2,000cc: The registration fee will be 0.02% of the vehicle’s purchase price.
- Vehicles with Engines Larger Than 2,000cc: The registration fee will be 0.03% of the vehicle’s purchase price.
The Punjab government is making these changes to update the province’s tax system. The higher fees are expected to generate more revenue for the government, which will be used for other development projects. This new budget aims to bring in more funds and improve public services in the province.
Read more: MTMIS Punjab Vehicle Verification and Registration Online.
