Breaking News

Get up to 25% off in tax on scrap vehicles, new ones

The government on Wednesday notified that vehicles purchased after scrapping old vehicles will get a rebate of up to 25 per cent in motor vehicle tax, when the owners produce a valid certificate of scrapping.

The Ministry of Road Transport and Highways has issued a notification which is effective from 1st April, 2022.

As an incentive for scrapping, when a vehicle owner submits a “Certificate of Deposit” issued by a registered vehicle scrapping facility, the prescribed exemption will be available. Rebate of up to 25 per cent in applicable tax in case of non-transport (personal) vehicles, and up to 15 per cent in case of transport (commercial) vehicles is notified.

The notification said that this concession will be available for eight years in case of transport vehicles and up to 15 years in case of non-transport vehicles.

Back to top button