Life tax likely to be hiked by 2%

HYDERABAD: Those of you who are planning to buy vehicles, better do it soon. The AP Road Transport Authority is proposing to increase life tax up to two percent on all vehicles except transport vehicles.The proposal is pending with the state government and a decision is expected soon. The additional revenue to the state exchequer on account of the hike is expected to be of the order of Rs 150 to Rs 200 crore per year.According to officials, over 10 lakh vehicles are being sold every year in the state.As on today, the life tax on two wheelers is 9 percent and for four wheelers it is 12.If one is buying an additional vehicle, life tax payable would be 14 percent