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Tuesday, 23 April 2024 8.38 PM IST
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Kerala Budget 2023: One-time tax, cess hike on vehicles in popular category a direct hit at middle class

Friday 03 February, 2023 | 4:27 PM READ MALAYALAM VERSION
vehicles

THIRUVANANTHAPURAM: The Kerala Budget on Friday announced a series of hikes and taxes on cars are among the ones targeted at the middle class. The LDF government, which claims to be with the common man, has completely gone against its stance.

The price hike will be one percent for cars priced up to Rs 5 lakh, two percent for cars priced between Rs 5 to 15 lakh, and one percent for cars priced between Rs 15 lakh and above. Along with this, a one-time cess levied at the time of registration on new vehicles has also been increased. At present only a few cars are in the market that can be bought for Rs 5 lakh and under. Cars priced between Rs 5 lakh and 15 lakhs are the most popular among the middle class considering safety and other amenities. Kerala Budget has specifically targeted the middle class by increasing the tax on vehicles in this category by two percent. With the announcement coming into effect on April 1, a person buying a car worth Rs. 5.5 lakh will have to pay an extra Rs 11,000.

For cars priced between Rs 15 lakh and Rs 30 lakh and above Rs 30 lakh, the tax hike is only one percent. The target customers in this segment are financially sound. The government has also decided to generate revenue through the sale of fancy numbers.

The one-time tax on new bikes worth up to Rs 2 lakh has been increased by two percent. This will also impact the common people and the middle class more than the others.

Meanwhile, the tax on contract carriage state and carriage vehicles have been reduced by 10 percent. A one-time tax of 6 percent to 20 percent is currently levied on newly purchased electric motor cabs and electric tourist motor cabs. This has been reduced to five percent of the vehicle price.

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TAGS: BUDGET, KERALA, TAX, CESS, VEHICLES, MIDDLE CLASS, FINANCES
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