Friday June 10, 2022

Govt Proposes Rs10,000 Tax on Vehicles Upto 850cc

The government has released the fiscal budget for 2022-23 which shows several significant changes. Under the new budget, the government has proposed an advance tax of 200 percent on the purchase of cars with engines larger than 1600cc.

As per a document, the government has increased the advance tax on the aforementioned vehicles by 100 percent for non-filers only.

Although this tax will have no impact on the carโ€™s price tag, it will aid the government in collecting more taxes from people with high purchasing power and bring them into the tax net.

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