Various categories of motor vehicles have been subjected to an increase in life taxes by the Telangana government.
Those three- and four-wheeled motor vehicles related to other than transportation, minibuses with a maximum seating capacity of 10 passengers, and taxis from other states registering with the state as a result of a change of address or a transfer of ownership are subject to life tax increases no less than 13% of the value of the vehicle if it is below Rs 5 lakh, 14% for value above Rs 5 lakh, 17% for value above Rs 10 lakh and 18% for value above Rs 20 lakh at the
Life tax has been raised to 15% of the vehicle’s value for those below Rs 5 lakh, 16% for those above Rs 5 lakh, 19% for those above Rs 10 lakh and 20% for those above Rs 20 lakh of the registration value for non-transport vehicles for carrying persons owned by companies, institutions, societies, and organizations up to a seating capacity of 10 in all and more personalized vehicles up to a seating capacity of 10 owned by an individual.
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Accordingly, there will be a 15 per cent life tax on vehicles costing less than 5 lakh, a 16 per cent tax on vehicles costing between 5 lakh and 10 lakh, a 19 per cent tax on vehicles costing between 10 lakh and 20 lakh, and a 20 per cent tax on vehicles costing over 20 lakh.
Also, a tax increase has been implemented on second and more personalized vehicles with a capacity of 10 seats, owned by one individual. A two per cent additional tax would be levied on the third and sixth schedules only and would be imposed during the registration process of new vehicles. Aside from the new vehicle categories, the department also announced revised life tax rates at the time of registration in the orders issued on Monday.
Approximately 1,400 crores in additional revenue are expected as a result of the proposed amendments to the Act.
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