The Punjab Government has announced a 10% discount on token tax payments made through ‘ePay’ Punjab. Vehicle owners can avail of this discount until September 30, 2024. This incentive is part of the new token tax policy introduced in the 2024-25 budget.
The policy brings significant changes to the way token tax is calculated. Instead of engine power, the annual token tax will be based on the invoice value of the vehicle. For vehicles with an invoice value between 1000cc and 2000cc, a 0.2% annual tax will be levied, while those above 2000cc will incur a 0.3% annual tax.
Additionally, the lifetime token tax for vehicles up to 1000cc has been increased to Rs. 20,000. However, if ownership is transferred within 10 years, a 10% annual discount will be offered. No lifetime token tax will be charged if the transfer occurs after 10 years. Don’t miss out on the 10% discount – pay your token tax through ‘ePay’ Punjab today!
