Honda 70 and Honda 125 Bike Prices May Increase
The federal government has presented the budget for 2023-24. With the Federal Budget 2023 around the corner, It is expected that the prices of Atlas Honda CD 70 and Atlas Honda 125 bike prices in Pakistan may go up as the government plans to impose additional taxes to generate more revenue.
The federal budget for the upcoming financial year 2023-23 was presented by Finance Minister Ishaq Dar in the National Assembly on 09 June 2023 with an estimated estimate of about 14000 trillion rupees.
Media reports suggest that new taxes worth Rs 700 billion are likely to be levied in the next fiscal year’s budget. It is highly likely that the federal government will announce new taxes especially on imported and luxury goods for maximum revenue generation.
In February 2023, the government increased the General Sales Tax (GST) on automobiles, including motorcycles, from 17 percent to 18 percent through the Mini Budget.
Although the Association of Pakistan Motorcycle Assemblers (APMA) has demanded the government to reduce the GST rate from the current 18% to 15% in the upcoming budget. However, the government is not expected to provide such relief, so the taxes introduced under the mini-budget will remain in place.
Honda CD70 price in Pakistan is currently Rs. 154,900 while Honda CG 125 price is Rs. 229,900 for the month of June 2023.
As the federal government seems to have no plans to reduce the GST rate on automobiles and the rupee continues to depreciate against the US dollar. Hence, there is a possibility of further increase in the prices of Honda Atlas bikes after the budget.