Amendment of Section 9

For sub-section (2) of section 9 of the Principal Act, the following shall be substituted, namely,— "(2) Where One Time Tax for any personalized or commercial vehicles has been paid and the motor vehicle has been removed to any place outside the State permanently, the following modalities are hereby made for refund of tax:- (a) where the motor vehicle is less than two years old, the refund of tax for its remaining life shall be calculated, as Refund = OTT - [(OTT/15) x n] - m. Where ‘OTT’ means derived One Time Tax of the particular type/ class of vehicle; ‘15’ means 15 years life of the vehicle; ‘n’ is the age of the vehicle (n = 2); ‘m’ is the service charge (taking 3% of derived OTT); ‘x’ sign means multiplication, and ‘-’ sign means subtraction and ‘/’ sign means division; (b) where the vehicle is more than two years old, no refund of tax shall be made; (c) where the vehicle is removed temporarily (for a period upto three months) to another State no refund of tax shall be made;"