Vehicle Scrapage Policy: Scrap Policy: Government will get GST of Rs 40,000 crore for scrapping old vehicles and purchasing new ones.
Vehicle Scrapage Policy News: Prime Minister Narendra Modi has launched a vehicle scrapage policy. All stakeholders are being told that this will benefit them. The vehicle scrapage policy is expected to boost the automobile manufacturing industry. PM Modi said that the vehicle scrapage policy will also create employment opportunities.
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What is the benefit to the customers?
Under the new scrap policy, there will be a 5 per cent discount on showing a scraping certificate when purchasing a new vehicle. 4-6 per cent of the price will be paid to the owner after scrapping the car. In addition, the registration fee will be waived at the time of registration of the new vehicle.
Road tax rebates will also be available
Under the new scrap policy, a 25 per cent rebate on road tax for 3 years is available when purchasing a new vehicle. State governments can offer 25 per cent discount on private vehicles and 15 per cent on commercial vehicles.
India’s steel imports will decline
Prime Minister Modi said that India had to import scrap steel worth about Rs 23,000 crore last year. What is being scrapped in India so far is not productive.
Government revenue will increase
When people scrap old vehicles and buy new ones, it will bring GST of Rs 40,000 crore annually to the government. It will also increase government revenue. About 51 lakh light motor vehicles (LMVs) older than 20 years and 34 lakh other LMVs older than 15 years will come under the scope of the scrap policy. It will also cover 1.5 million medium and heavy motor vehicles that are more than 15 years old and do not currently have a fitness certificate.
Electric vehicle advertising
The vehicle scrap policy is expected to adopt a large number of electric vehicles to be parked on the road. The scrap policy will reduce pollution by removing old vehicles from the road. The scrap policy will reduce the fuel consumption of the customer by removing the old vehicle from the road. It will also reduce India’s crude imports.
Failed fitness test?
The government has dubbed the vehicle scrap policy the Voluntary Vehicle Modernization Program (VVMP). If a person’s vehicle fails the fitness test, he will have to deposit his vehicle in 60-70 registered scrap facilities across the country.
What about giving an old car?
In exchange for giving an old car, the customer will get a certificate of deposit which will give many benefits when buying a new vehicle. The scrap value of the used vehicle will be 5 per cent of the ex-showroom price of the new vehicle. Auto companies will give you a discount of up to 5% of the ex-showroom price when you buy a new vehicle in exchange for the deposit certificate you get to dispose of the old vehicle.
How much discount on new car?
According to the scrap policy, if you buy a new car after paying in the old car scrap and the price of the new car is 000 500000, you will get a discount of 000 25000 on showing the deposit certificate. After this you will get a discount when registering a new vehicle.
How much benefit to the customer?
According to the scrap policy, the registration fee for your new vehicle will be zero. The state government can give road tax exemption of up to 25% to consumers for private vehicles and up to 15% for professionals.
The benefit of government and industry
Nitin Gadkari said that by scissoring old vehicles, the raw material used in the vehicles will be returned and it will be much cheaper. This will reduce the cost to auto companies and reduce the cost of new vehicles by 40%, which will ultimately benefit consumers. With the help of scrap policy, environmental conditions will be improved by reducing pollution, problems caused by old vehicles on the roads will be solved and people will be encouraged to dispose of old vehicles.
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