The Maharashtra government will increase CNG four-wheelers’ motor tax by 1% and add a 6% tax to EVs priced over ₹30 lakh. These changes were part of the state’s annual budget presented by Finance Minister Ajit Pawar and will start from April 1.
Pawar, Maharashtra’s Deputy Chief Minister, unveiled the Mahayuti 2.0 government’s debut budget today, projecting a ₹150 crore revenue boost from increased motor tax. This strategic step aims to bolster the state’s finances.
The tax increase announcement resulted in a small drop in shares of CNG and EV manufacturers along with related OEMs. Maruti Suzuki and MGL saw shares decrease by around 1%. Tata Motors had slight losses, and M&M’s shares fell by more than 1% at closing.
The Nifty Auto index was affected by Maharashtra’s vehicle tax hike, closing down 1.22% today. Market reacted to these new taxes, signaling investors are adjusting portfolios for higher vehicle costs due to increased taxation.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
Leave a Reply