The auto sector in India has been trying to get out of the recession for the last 9 months, the sales of vehicles have been falling continuously. Companies are constantly trying to attract customers through new offers. The Goa government has taken a major step to provide relief to the auto sector facing recession.
Goa government's big step
To save the auto sector from the recession, the Goa government has announced a 50 percent reduction in road tax for every new vehicle purchased by December 31 for three months by December 31.
Sales will gain momentum
Goa Chief Minister Pramod Sawant said that the cabinet has decided to reduce the road tax by 50 percent by December 31, 2019, on the purchase of any new vehicle. The government's move is expected to provide relief to the auto sector. According to the data of the State Transport Department, Goa registered a 15–17 percent decline in total vehicle registrations during the first four months of the current financial year. Transport Minister Mauvin Godinho said that a total of 19,480 new vehicles were registered from April to July 2019.
Currently, two-wheeler vehicles priced up to Rs 1.5 lakh in Goa are taxed at 9 percent, while vehicles between Rs 1.5 lakh and Rs 3 lakh are taxed at 12 percent. Not only this, vehicles whose price is 3 lakh or more are taxed at the rate of 15 percent. While vehicles up to Rs 6 lakh are taxed at 9 percent and cars up to Rs 10 lakh is taxed at 11 percent. Vehicles of Rs 10 lakh to Rs 15 lakh are taxed at 11 percent and vehicles priced above Rs 15 lakh are charged 13 percent tax.
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