PANAJI
In a bid to promote scrapping of old vehicles and reduce pollution, the Transport Department has rolled out a new tax exemption scheme offering financial incentives for owners who register new vehicles against scrapped ones.
Under the scheme, owners submitting a Certificate of Deposit for a scrapped vehicle will be eligible for tax benefits while registering a new motor vehicle.
As per a notification released on Tuesday, transport vehicles will receive a tax exemption of 15 per cent of the tax to be levied or Rs 75,000, whichever is lower, for up to eight years from the date of first registration.
Motor vehicles other than transport vehicles will be eligible for a 25 per cent exemption or Rs 75,000, whichever is lower, for up to 15 years.
In the case of BS I Norm vehicles, both transport and non-transport categories will be granted a 50 per cent tax exemption or Rs 75,000, whichever is lower.
Similarly, medium goods vehicles, heavy motor vehicles, and medium and heavy passenger vehicles adhering to BS II Norms will also be eligible for a 50 per cent exemption or Rs 75,000, whichever is lower.
