The Silicon Valley state of India, Karnataka, is worrying the buyers of automobiles \u2013 cars, two wheelers etc- by way of increased tax in the budget. In proportion to the cumulative sale of vehicles in the state, the CM has come out with such a taxation to accrue additional income. The life tax for the vehicles come under slabs- for vehicles costing less than Rs50000 it would be 10% from the existing 8% and for vehicles costing from Rs50000 \u2013 Rs1 lakh the tax would be 12% from the existing 10%. For cars in the price range of less than Rs5 lakh it would be 13% from 12%; and for cars costing more than Rs5 lakhs and upto Rs10 lakhs it would be 14% from 13%; for cars costing in the price range of Rs10 lakh- Rs20 lakhs it would be 17% from 16%.<\/p>\n
The luxury cars costing more than Rs20 lakhs it would be 18% from 16%. The new light goods vehicles of 3000-5000 kg will face a life time tax levy of Rs20000 against Rs4800. However, such vehicles will face a life time tax average of Rs12000 depending upon the year of manufacture. The relief went in favor of omni buses which got Rs250 lesser amount; stage carriages will be given on special permit @Rs700 instead of Rs1000. The tax system on construction vehicles of 1000kg will be based on the selling price instead of Rs200 a quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Silicon Valley state of India, Karnataka, is worrying the buyers of automobiles \u2013 cars, two wheelers etc- by way of increased tax in the budget. In proportion to the cumulative sale of vehicles in the state, the CM has come out with such a taxation to accrue additional income. The life tax for the … <\/p>\n