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Collection Of Capital-Base Property Tax Becomes A Challenge For BMC.

Courtesy/By: Debasmita Goswami | 15 Jan 2019

BMC has been facing severe challenges in the realm of capital value disputes even though it has witnessed an increase in the profit and income rates due to property tax which forms its capital base. The sources have revealed that an amount of Rupees 13,000 crore has been pending in the form of property tax which needed immediate recovery and also an amount of Rupees 3000 in the realm of capital base has been a disputed amount. Necessary steps have duly been taken in order to recover the pending amount. However, with respect to the disputed bills necessary litigation process were being undergoing in the court of law. It is important to note that with respect to the past instances it has been seen that BMC was ordered by Bombay High Court to pay an amount of Rupees 800 crore and could not take any action until further court’s verdict.Initially BMC used to collect the property tax which was completely based on the rental value. However, from 2012 the same is being calculated upon new capital value.However, it caters to the fact that after the court gave verdict against the calculation formula of the civic body an amount of Rupees 800 crore had to be paid by BMC. The civic body gets its income from the property tax which caters to around 25 percent of the total income and is the primary source of the same ever since, it has witnessed a ceasure of octroi.

Courtesy/By: Debasmita Goswami | 15 Jan 2019