15% rebate on scapping autos
Chandigarh, January 25
The Punjab Authorities has issued a notification to offer Motor Automobile Tax (MVT) rebate on buy of latest autos by the homeowners of scrapped autos.
Disclosing this right here as we speak, Transport Minister Laljit Singh Bhullar stated that in consonance with the Scrapping Coverage launched by the Ministry of Street Transport and Highways concerning registration of latest autos, the Punjab Cupboard has determined to offer MVT rebate of as much as 15% to move car homeowners and 25% to non-transport Automobile Homeowners in Motor Automobile Tax below Part-13 (3) of the Punjab Motor Automobile Taxation Act, 1924.
He stated, as per this surroundings pleasant choice, the homeowners of transport autos can reap the benefits of this scheme as much as 8 years from the registration of their autos and homeowners of non-transport autos as much as 15 years from the registration of their autos.
When the car is scrapped by the car proprietor, the car will probably be bought by the scrapper who will subject a “Certificates of Deposit” to the car proprietor, which will probably be deposited with the involved Licensing Authority and the proprietor of the car will get the due exemption on tax.
- MVT rebate of as much as 15% to move car homeowners and 25% to non-transport car homeowners for scrappage
- For transport autos, validity as much as 8 years from the registration and for non-transport autos, as much as 15 years from the registration.