CorporateInFocusNews

Govt Notifies Concessions Under Vehicle Scrapping Policy

the Ministry of Road Transport & Highways has issued a GSR Notification 720(E) dated 05.10.2021, in the Gazette of India, which shall come into force from the 1st day of April, 2022.

Sharing is caring!

In the vehicle scrapping policy, it is proposed to have a system of incentives to nudge vehicle owners to discard old and polluting vehicles, which have higher maintenance and fuel consumption costs.

In line with the above, the Ministry of Road Transport & Highways has issued a GSR Notification 720(E) dated 05.10.2021, in the Gazette of India, which shall come into force from the 1st day of April, 2022.

As an incentive for scrapping, concession is stipulated in the motor vehicle tax for a vehicle registered against submission of “Certificate of Deposit”, which is issued by a Registered Vehicle Scrapping Facility.  This concession is as below:

(i) upto twenty five per cent, in case of non-transport (personal) vehicles, and

(ii)upto fifteen per cent, in case of transport (commercial) vehicles:

The concession shall be available upto eight years, in case of transport vehicles, and upto fifteen years, in case of non-transport vehicles.

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

Related Articles

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
%d bloggers like this: