The Maharashtra Cabinet on Tuesday approved a 15% tax concession for vehicle owners who voluntarily scrap their old vehicles while purchasing a new one of the same type.
According to a statement from the Chief Minister’s Office (CMO), transport vehicle owners who scrap their vehicles within eight years of registration at a Registered Vehicle Scrappage Facility (RVSF) will receive a 10% tax concession. The same benefit applies to non-transport vehicles scrapped within 15 years of registration.
A statement issued after the Cabinet meeting, chaired by Chief Minister Devendra Fadnavis, announced a 15% tax concession for transport and non-transport vehicles subject to lump sum tax. Additionally, vehicles subject to annual tax will receive a 15% concession for eight years in the transport category and 15 years for non-transport vehicles from the date of registration.