Huge hike in registration fee of new vehicles! SIAM raises alarm - What draft notification proposes
Some serious concerns have been expressed by Society of Indian Automobile Manufacturers (SIAM) on the recent draft notification issued by Ministry of Road Transport & Highways (MoRT&H).
Some serious concerns have been expressed by Society of Indian Automobile Manufacturers (SIAM) on the recent draft notification issued by Ministry of Road Transport & Highways (MoRT&H). Rajan Wadhera, President, SIAM said, “Such increase in the Registration Charges of new vehicles would further aggravate the market condition negatively.”
What does SIAM suggest?
SIAM has suggested that instead of hiking Registration Charges for new vehicles, Government of India should first look at implementing various measures as suggested by SIAM to bring back growth in the automotive industry.
What does the draft notification propose?
-The draft notification proposes increase of Registration Charges of new vehicles by 10 to 20 times, depending upon the vehicle category, from the present level.
-New medium good / passenger vehicles are proposed to attract Rs 20,000 Registration fee instead of current Rs 1,000.
-A new truck or a bus Registration fee has been proposed at Rs 20,000 in place of Rs 1,500.
- A new two wheeler Registration fee is proposed to be Rs 1,000 in place of current Rs 50.
- Similarly, Registration fee for new car is proposed to be Rs 5,000 up from Rs 600 at present.
"Currently, the Automobile industry is going through an unprecedented downturn as sales of new vehicles have plummeted significantly over the last several months." SIAM said in a statement.
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