Thiruvananthapuram: The eighth session of the 15th legislative assembly passed the 2023-24 state budget and the provisions in it will be effective from April 1, which earmarks the beginning of the new financial year. As a result, the vehicles will cost dearly for their owners. The reasons are:
1. The one-time tax on newly purchased motorcycles having purchase value up to 2 lakh has been increased by 2 %. This in turn will cost Rs 2,000 to Rs 4,000 for owners.
2. One time tax on newly purchased Motor cars and Private Service Vehicle for personal use are increased as follows:
i. Having purchase value up to Rs 5 Lakh – 1% hike.
ii. Having purchase value above Rs 5 lakh and upto 15 lakh – 2% hike.
iii. Having purchase value above Rs 15 lakh and upto Rs 20 lakh – 1% hike.
iv. Having purchase value above Rs 20 lakh and upto Rs 30 lakh – 1 % hike.
v. Having purchase value above Rs 30 lakh – 1 % hike
3. The one-time cess levied under Section 10 of Kerala Road Safety Act, 2007 on newly registered motor vehicles has been increased as follows:
i. For the Two Wheelers it is increased from the current Rs. 50 to Rs. 100
ii. Light Motor Vehicles from Rs. 100 to Rs. 200
iii. Medium Motor Vehicle from Rs. 150 to Rs. 300
iv. Heavy Motor Vehicles from Rs. 250 to Rs. 500