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Govt levies 0.5% stamp duty on transport vehicles
With a move to enhance its revenues, the Telangana State government, from Monday, has made payment of 0.5 per cent stamp duty, during registrations, mandatory. Registration of autos, DCMs, lorries, vans, RTC buses and other transport vehicles would entail stamp duty. According to GO No 55, all transport vehicles that proceed for agreement of hypothecation/mortgage/hire purchase/lease have to pay 0.5 per cent stamp duty of the total value of the agreement.
Hyderabad: With a move to enhance its revenues, the Telangana State government, from Monday, has made payment of 0.5 per cent stamp duty, during registrations, mandatory.
Registration of autos, DCMs, lorries, vans, RTC buses and other transport vehicles would entail stamp duty. According to GO No 55, all transport vehicles that proceed for agreement of hypothecation/mortgage/hire purchase/lease have to pay 0.5 per cent stamp duty of the total value of the agreement.
The GO No 55, dated November 26, 2015, makes it mandatory under the Motor Vehicles Act for both parties i.e. financier and owner of the vehicle to file an intimation of hypothecation etc., in form 34 before the registering authority for making entry in the certificate of registration. However, there is no clarity on the issue of stamp duty once the finance period is over.
M Dayanand, general secretary, Auto & Motor Welfare Association, Greater Hyderabad said, “The consumer would have to bear the burden. 90 per cent of people take loans and the financer would make them pay the stamp duty along with interest.”
He further added, “Before elections, the TRS party said it would not levy tax on autos. This is nothing but daylight robbery.”
