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HomeNationalGood News! Government will give 25 percent tax rebate on buying...

Good News! Government will give 25 percent tax rebate on buying a new car, just fulfill a small condition

Under the new Scrapage Policy, motor tax will be exempted on showing the scraping certificate of the old car at the time of purchasing a new car. Commercial vehicles will get less discount compared to individual vehicles.

This information about tax exemption has been given in the new notification regarding scrap policy. (Token picture)

The central government has issued a new notification on scrap policy on Tuesday. The information given in the notification shows that on showing vehicle scraping certificate, less tax will have to be paid on new vehicles. This means that the motor vehicle tax will be exempted by 25 percent on showing the scraping certificate while scraping the old vehicle and buying a new vehicle. This notification has been issued by the Ministry of Road, Transport and Highways. This discount will be available only up to 15 percent for commercial vehicles.

It has been told in the notification that this exemption in tax for commercial vehicles will be for 8 years. Whereas, for individual vehicles it will be for 15 years. The discount period will be added from the date of registration of the vehicle.

The new rule may be applicable from October

Earlier, the government had sought suggestions from all stakeholders for 30 days. It is possible that these new rules will be implemented from 1 October. Under the new scrap policy, when a vehicle is scraped, a scraping certificate will be issued to the vehicle owner. The central government is encouraging to scrap vehicles which are more than 15 years old.

More money will have to be given for re-registration

Under the new scrap policy, fitness of commercial vehicles older than 15 years and personal vehicles older than 20 years will be examined. If any vehicle passes in the investigation, a fitness certificate will be issued to increase its life cycle. However, the fees for re-registration of old vehicles will be increased. Each fitness test will cost around 40,000 rupees.

What is the benefit of a scrap policy?

The number of commercial vehicles 20 years and older is around 51 lakhs across the country. The government is preparing to remove these vehicles from the road due to various other reasons including pollution. Removing such a large number of vehicles from the road means that the owners will also need a new vehicle. There will also be a possibility that they may also adopt new technologies such as electric vehicles. Electric vehicles will help reduce pollution by up to 25 percent.

Also read: Banking Fraud: All money disappeared from bank account to be found in 10 days… RBI said – just have to do this work

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