Centre has proposed up to 25 percent tax concession on the purchase of new vehicles on submission of scrappage certificate. Road, Transport and Highways Ministry has published the draft rules regarding concession in motor vehicle tax against scrapped vehicles.
Under the draft rules, people will get 25 percent concession on the purchase of personal vehicles with vehicle scrappage certificate while on the purchase of commercial vehicles, the tax relief will be 15 percent.
In case of personal vehicles, the tax concessions will be available upto eight years while for commercial vehicles, it will be upto 15 years. The period will be reckoned from the date of first registration. The government has invited suggestions from various stakeholders on the draft rules within a period of 30 days. The rules are proposed to come into force from 1st of October this year.
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