In order to boost green vehicles in the state, the Uttar Pradesh government has waived off the registration tax on strong hybrid cars. In the circular, the state government said that a policy give a 100 per cent waiver on the registration fee of strong hybrid vehicles will be implemented with immediate effect. With this, manufacturers like Maruti Suzuki, Toyota Kirloskar Motor, and Honda Cars India will benefit massively from this new policy while customers can also save up to INR 3.5 lakh while buying these cars.
This comes after the Uttar Pradesh government had announced a three-year exemption from tax and registration fees for the purchase of EVs which will be valid for five years for EVS manufactured within the state, last year. Vivek Datta, MD & CEO, Globe Toyota has lauded the state government's move saying the decision is expected to boost sales of eco-friendly strong hybrid SHEV vehicles in Uttar Pradesh. Currently, Uttar Pradesh levies an 8 per cent road tax on vehicles priced below INR 10 lakh and a 10 per cent tax on vehicles priced above INR 10 lakh (ex-showroom). The road tax waiver is unlikely to significantly impact the state exchequer owing to low sales of hybrid vehicles.
"This move aligns with the state's commitment to sustainable mobility and will aid the auto sector. The waiver applies until October 2025 and is a significant incentive given UP's 8-10 per cent road tax on vehicles," Datta added.
This story is from the August - September 2024 edition of Entrepreneur magazine.
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This story is from the August - September 2024 edition of Entrepreneur magazine.
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This comes after the Uttar Pradesh government had announced a threeyear exemption from tax and registration fees for the purchase of EVs which will be valid for five years for EVS manufactured within the state, last year.
