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People wanting to buy high-end electric vehicles in Maharashtra must rush to the showrooms now as the cars would get costlier from next month, once the taxes proposed in the state Budget comes into effect.
Electric Vehicle priced above Rs 30 lakh will have to pay 6 per cent as a tax, as per the proposal made by the Maharashtra government in its state budget. The proposed tax on the high-end EVs is expected to boost the state's treasury. According to the Maharashtra state government budget announcement, an additional one per cent will be levied on the CNG and LPG four wheeler vehicles which are privatly owened. The Motor tax is currently levied at 7 per cent to 9 per cent in the state. The State government has increased the maximum threshhold for the Motor Vehicle Tax from Rs 20 lakh to Rs 30 Lakh. It is expected that the move will generate over Rs 170 crore revenue to the state. Maharashtra's Deputy Chief Minister and Finance Minister Ajit Pawar presented the 2025-26 Budget on Monday. Aiming to realise the 'Developed India, Developed Maharashtra' dream, Pawar gave the call of 'Maharashtra will stop nomore... development won't be delayed anymore', NCP said in an official statement. He also announced the "Maharashtra Tax, Interest, Penalty or Delayed Fee (Public Sector Companies) Debt Settlement Act, 2025," which will be in effect until December 31, 2025, the release said. Key Features of the Budget include: The fiscal deficit is maintained below 3 per cent of the Gross State Domestic Product (GSDP), and revenue deficit has remained below 1 per cent of the GSDP. The target is to increase Mumbai Metropolitan Region's economy to USD 300 billion by 2030 and USD 1.5 trillion by 2047. A new industrial policy will be formulated to attract investments through "Make in Maharashtra," targeting Rs 40 lakh crore investment and creating 50 lakh jobs in the next 5 years. (ANI)
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