Proposal to impose a road green tax on old vehicles
Big news: Vehicles older than 8 years will be subject to green tax from now on, these will be the tax rates
Union Minister for Road Transport and Highways Nitin Gadkari has approved a proposal to impose a road green tax on old vehicles that pollute the environment. The Ministry of Road Transport and Road Transport has said it will be sent to the states for consultation before its formal implementation. The ministry says that at the time of fitness certificate renewal on transport vehicles older than 8 years, a green tax of 10 per cent to 25 per cent could be levied at the rate of road tax.
The tax will also be levied on personal vehicles older than 15 years. So, public transport vehicles like city buses etc. will have to pay less green tax. In highly polluted cities, a maximum of 50 per cent green tax can be levied on registered vehicles. However, taxes may vary depending on the fuel and the vehicle.
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Apart from this, the tax will not be levied on hybrid, electric vehicles and alternative fuel vehicles such as CNG, ethanol, LPG vehicles. In addition, green tax will not be levied on agricultural vehicles such as.
Motor insurance is mandatory for all the two-wheeler and four-wheeler vehicles such as cars, bikes, scooters, trucks that are plying on the roads in India. Vehicle owners can avail motor insurance even for commercial vehicles as well. Motor Vehicle insurance is the most important document for all vehicle owners/drivers. Its main objective is to give complete protection against physical damage or loss sustained by the insured vehicle from natural and man-made calamities. Apart from the own-damage cover, the auto insurance policy also provides coverage for third-party liabilities, arising out of any accidental damage, injury or death of a third-party. This way the policy ensures peace of mind and security on the roads.