Telangana has develop into the most recent state in India to announce a car scrappage coverage, referred to as the Voluntary Automobile Fleet Modernization Coverage (VVMP). This initiative goals to part out ‘end-of-life autos’, and aligns with current amendments to the Motor Autos Act of 1988.
- Transport autos older than 8 years, non-transport autos older than 15 years eligible for VVMP
- New automobile patrons might avail tax rebates as much as Rs 50,000
This coverage will enable homeowners who scrap their transport autos older than eight years and non-transport autos older than 15 years to be eligible for tax concessions when buying new autos of the identical class. The Telangana authorities has additionally waived excellent Inexperienced Tax and penalties on quarterly taxes for these autos, offered they’re scrapped inside two years of the coverage’s notification.
Beneath this coverage, patrons of latest two-wheelers with an ex-showroom value of as much as Rs 5 lakh will get tax rebates of as much as Rs 5,000. Equally, four-wheeler patrons can take pleasure in tax rebates of as much as Rs 50,000, relying on the ex-showroom value of the brand new car.
Moreover, the coverage has mandated that state-owned autos older than 15 years should be scrapped by e-auctions.
What’s extra, the state has additionally confirmed the organising of Registered Automobile scrapping services (RVSF) at a number of places. There will probably be round 37 automated testing stations throughout the state, which is able to part out guide testing at Regional testing places of work. The state has allotted Rs 296 crore for these two initiatives.
Additionally see:
MoRTH publicizes new incentive to encourage car scrappage
Tata, Gujarat authorities enter MoU for car scrappage facility
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Kanishk Singh has always had a keen interest in fast-paced cars. For the past three years, he has been writing about automobiles, but his fascination with cars dates back even further. He thoroughly enjoys learning about their features and expressing his thoughts through his writing. Kanishk also has a profound interest in the stock market, shares, and business strategies. He possesses a wealth of knowledge on these subjects and consistently writes articles on them. Currently, he is working as a writer for Lattestnews24, specifically focusing on the Automobile, Finance, and Business categories. His well-crafted words are highly appreciated by the readers, as they find them both informative and creative.