Substitution of Section 5

(1) Every motor vehicle liable to pay tax on annual (recurring) basis may pay tax in advance on or before 31st day of March for the commencing financial year by owner of a motor vehicle. (2) Every owner of a motor vehicle other than a motor vehicle liable to pay One Time Tax shall have the option of paying the tax in advance in four equal quarterly instalments payable on or before the last day of March, June, September and December respectively: Provided that the tax leviable under section 3 in respect of personalised vehicles as well as auto rickshaws (goods or passengers), motor cabs, maxi cabs, school vans and goods vehicles below 7.5 tonne after enactment of this Act shall be paid at the time of registration for fifteen years under One Time Tax structure at the rates starting from minimum floor rate of tax at 4% on sale price before VAT as prescribed in the First Schedule: Provided further that the owners of the personalised vehicles registered and paid under the recurring tax structure (annual tax basis) before the commencement of this Act shall have to pay their taxes under One Time Tax structure which is meant for the remaining years to attain fifteen years but subject to award of rebate on the tax payable and not on the cost of the vehicle @ 10% discount per annum taking into consideration of the age of the vehicle with the original cost of the vehicle before VAT. Mode of calculation is shown at First Schedule—Group A, Part—A.I (iv) Column 3 Row (iv) and may also be applicable with the formulae or calculations wherever exists in the following Schedules or Parts thereof etc.: Provided also that every motor vehicle more than fifteen years of age from the date of its registration and also found mechanically fit for use shall, on payment of such tax for another period of five years with a Green Tax as specified in the Schedules, be allowed to use for another five years.