Life time and one time tax on vehicles in Bengal
The state government of West Bengal is all set to implement new life time tax and onetime tax for five years policy on motor vehicles from next week. Speaking in Kolkata on Friday, Transport Minister Madan Mitra said, "The new tax structure will be enforced in the state from September 3 as per the West Bengal Additional Tax and One-Time Tax on Motor Vehicles (Amendment) Act, 2012."
As per the new policy of life time tax, the new vehicles of up to 900CC will be accounting for a duty of 10 percent of the total value of the vehicle or Rs 40,000, whichever is higher. On the other hand, the onetime tax rate will be 5.5 percent or Rs 17,000 (whichever is higher).
Moreover, the vehicles which fall in the range of 900 CC to 1490 CC, will be accountable for the lifetime tax of 10 percent of the value of vehicle or Rs 50,000, whichever is higher. The onetime tax rate for this segment of vehicles will be 5.5 per cent of the value of the vehicle or Rs 25,000 (whichever is higher).
The vehicles which are in the range of 1490 cc and 2000 cc, the lifetime tax rate will be 10 per cent of the value of the vehicle or Rs 80,000 whichever is higher. While at the same time, onetime tax 5.5 per cent of the value of the vehicle or Rs 35,000 (whichever is higher).
In the segment of over 2000 CC, the tax rate is 10 per cent of the value of the vehicle or Rs 1 lakh whichever is higher. One time tax rate for this range will be 5.5 per cent of the value of the vehicle or Rs 45,000 (whichever is higher).
The plan is well & it will be benefited for both the parties i.e. the govt. and the owner of the vehicle.September 02 , 2012 by B J Baruah