Indian Economy Current Affairs Analysis
Tamil Nadu government has decided to hike the life tax on these vehicles, after a decade.
A bill for amending the Tamil Nadu Motor Vehicles Taxation Act, 1974 has been passed in the assembly.
Life Tax - tax leviable in one lump in advance for the life time of a motor vehicle
Green Tax- Additional Tax levied on the motor vehicles suitable for use on road , for the purpose of implementing various measures to control air pollution.
As per amendment,
Updated Life Tax Rate
10% for motorcycles less than ₹1 lakh
12% for motorcycles above ₹1 lakh.
20% for Vehicles more than ₹20 lakh.
Green Tax Rate
₹1,500 for five years for motor vehicles (other than transport vehicles) that have completed 15 years since registration.
For motorcycles of 15 years since registration, the green tax will be ₹750 for five years.
For transport vehicles which have completed seven years, it will be ₹750 a year
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