The Gujarat government announced tax incentives that will benefit more than 10 lakh people even as it desisted from imposing any new tax in its budget for the year 2024-25. Giving details of the incentives, Finance Minister Kanu Desai said the state was offering a one-year amnesty scheme to waive off all liabilities of vehicles that were over 8 years old and are meant for scrapping.
All liabilities of Motor Vehicle Tax, interest, penalty and any challans under the Motor Vehicle Act including outstanding compounding fees will be waived off for vehicles that are over eight years old and owners have decided to scrap them the minister said. The decision, the minister said, will provide tax relief of around Rs700 crore to about 52,000 vehicle owners.
In another incentive, the state government has decided to waive off stamp duty for people registered with cooperative credit societies who avail of a loan of up to Rs.50,000. The decision will extend relief of around Rs54 crores to 9 lakh members. The members earlier had to pay a stamp duty of Rs600 to get a loan of more than Rs5,000 for business, employment and agriculture activities