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Life tax rate for a new motor vehicles
October 15 , 2023
395 days
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- Tamil Nadu government has decided to hike the rate of life tax of these vehicles, after a decade.
- A Bill amending the Tamil Nadu Motor Vehicles Taxation Act, 1974 to this effect, was adopted by the Legislative Assembly.
- The rate of life tax for a new motorcycle would be 12%, if its total cost exceeds ₹1 lakh and 10%, if its total cost does not exceed ₹1 lakh.
- In case of new cars and other new motor vehicles, the rate of life tax would be 20% if the cost of the vehicle exceeds ₹20 lakh.
- For new cars and other new motor vehicles whose costs are between ₹10 lakh and ₹20 lakh, the rate of life tax would be 18%.
- The vehicles costing between ₹5 lakh and ₹10 lakh, it would be 13%.
- In case of vehicles costing below ₹5 lakh, the rate of life tax would be 12%.
- The Bill also specified a green tax of ₹1,500 for five years for motor vehicles (other than transport vehicles) that have completed 15 years from the date of their registration.
- For motorcycles that have completed 15 years since their registration, the green tax would be Rs.750 for five years.
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