Taxes on Imported Vehicles Undergo Steep Cut by Maharashtra Government

The Government of Maharashtra has softened the vehicle taxes on account of the continual increase in the number of cars being registered for import to the neighboring states. The reason for this increase is, these governments levy lower tax on imported vehicles as compared to the taxes levied by Maharashtra. Earlier the tax on the imported and company owned vehicles was 22 percent for the petrol vehicles and 26 percent for the diesel vehicles. Now these figures have been slashed to only 20 percent of the vehicle’s cost.

The Cabinet of the state of Maharashtra has taken a collective decision on the subject of relaxing the taxes that were imposed on the company owned and imported cars in the last budget session. During the last budget announcement, the tax on the private petrol vehicles was incremented by 2 pe rcent and the tax on the private diesel vehicles was hiked up by 4 percent. The revision in the tax figures have been done for the private vehicles and the ones that are being owned by the company. These slashed taxes of 20 percent will come into effect immediately.

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