Punjab Govt Announced New Vehicle Token Tax 2024

Punjab Government Announces 10% Discount on Vehicle Token Tax Payments via ePay Punjab App

Introduction

The Punjab government has launched a new initiative aimed at making tax payments more convenient for vehicle owners.

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By offering a 10% discount on vehicle token tax payments made through the ePay Punjab app, the government aims to encourage the use of digital payment methods and reduce the need for long queues at government offices.

Benefits of Using ePay Punjab App

Convenience and Savings

The ePay Punjab app is designed to provide a hassle-free experience for paying various taxes and fees online. Vehicle owners can now quickly and easily pay their token taxes from the comfort of their homes.

This initiative not only saves time but also offers a financial benefit, as the 10% discount on token tax payments is available until September 30, 2024.

Complete Guide to Using ePay Punjab App

Step 1: Download and Install the App

1. For Android Users: Visit the Google Play Store and search for “ePay Punjab”. Click on “Install”.
2. For iOS Users: Visit the Apple App Store and search for “ePay Punjab”. Click on “Get” to download and install the app.

Step 2: Register on the App

1. Open the ePay Punjab app.
2. Click on the “Sign Up” button.
3. Enter your mobile number and other required details.
4. Verify your mobile number using the OTP sent to your phone.
5. Set up a secure password for your account.

Step 3: Log In to the App

1. Open the ePay Punjab app.
2. Enter your registered mobile number and password.
3. Click on the “Log In” button.

Step 4: Select the Service

1. From the home screen, select “Token Tax”.
2. Choose the type of vehicle and enter the necessary details such as vehicle registration number.

Step 5: Calculate the Token Tax

1. The app will automatically calculate the token tax based on the vehicle details provided.
2. Review the calculated amount and ensure it includes the 10% discount.

Step 6: Make the Payment

1. Select your preferred payment method (credit/debit card, mobile wallet, or bank transfer).
2. Enter the payment details and confirm the transaction.
3. Once the payment is successful, you will receive a confirmation receipt.

Step 7: Save and Print the Receipt

1. Save the digital receipt for your records.
2. You can also print the receipt if required.

New Token Tax Policy for 2024-25

Token Tax on New Vehicles

In the fiscal budget for 2024-25, the Punjab government introduced a new token tax policy. Under this policy, if a vehicle has an engine power of up to 1000 cc, the new owner must pay the entire token tax upon the transfer of ownership.

Annual Token Tax

The new regulations state that the annual vehicle token tax will now be based on the invoice value of the vehicle rather than engine power (cc). The specifics are as follows:

• 1000 cc to 2000 cc Vehicles: An annual tax of 0.2% of the invoice value.
• Above 2000 cc Vehicles: An annual tax of 0.3% of the invoice value.

Lifetime Token Tax

The lifetime token tax for vehicles up to 1000 cc has been increased from Rs. 15,000 to Rs. 20,000. When transferring ownership of a 1000 cc vehicle, the new owner will be required to pay the lifetime token tax. A 10% annual discount will be applied if the transfer occurs within 10 years. However, no lifetime token tax will be levied if the transfer takes place after 10 years.

Impact of New Token Tax Policy

These changes are expected to have a significant impact on vehicle owners, particularly those dealing in used cars. The shift from engine capacity-based to invoice value-based taxation could result in higher taxes for newer, more expensive vehicles.

Encouraging Digital Payments

The 10% discount on token tax payments via the ePay Punjab app is a strategic move to encourage the adoption of digital payments. This initiative is a win-win situation for both the government and the public, as it promotes efficiency and convenience while reducing the use of cash.

How to Submit Vehicle Token Tax in Punjab

Traditional Method

1. Visit the Excise and Taxation Office: Go to your local Excise and Taxation Office.
2. Fill Out the Forms: Complete the required forms for token tax payment.
3. Submit Documents: Provide necessary documents like the vehicle registration certificate and CNIC.
4. Pay the Tax: Make the payment at the counter.
5. Receive the Receipt: Collect the payment receipt for your records.

Online Method via ePay Punjab App

1. Download and Register on ePay Punjab App: Follow the steps outlined above to download, register, and log in to the app.
2. Select Token Tax Service: Choose the “Token Tax” service from the app’s home screen.
3. Enter Vehicle Details: Provide your vehicle registration number and other required information.
4. Calculate Tax: Let the app calculate the token tax for you.
5. Make Payment: Use your preferred payment method to complete the transaction.
6. Save Receipt: Save and print the digital receipt for your records.

Conclusion

This new initiative by the Punjab government offers substantial benefits for vehicle owners, making tax payments more convenient and affordable. By leveraging the ePay Punjab app, vehicle owners can save time and money while contributing to the broader goal of digital transformation.

Take advantage of the 10% discount on vehicle token taxes by downloading the ePay Punjab app today! Hurry, this offer ends on September 30, 2024.

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