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Decrease In Revenue Collected By BMC By Way Of Property Tax

Courtesy/By: Mayank Agarwal | 17 Jan 2019

The BMC made a target for collection of Rs 5,000 crore to be collected as property tax for the year 2018-2019; however it seems that the BMC will not be able to reach its target of Rs 5,000 crores. Since 9 months have already passed in the current fiscal year the assessment of the civic authorities seem to be going wrong this time.

Apart from the revenue from the Development Plan, the revenue collection by the way property tax is the biggest source of Revenue of the BMC. For the period of April – December 2018 the corporation was able to collect only Rs 3,061 crores by the way of property tax. However the department has still time of 3 months to reach its estimated target of Rs 5,000 crores.

As per the officials of the department the reason for the decrease in the tax collection is replacement of Octroi tax with GST. Octroi tax is the tax that is levied on the goods entering the city. As per the officials Octroi was the biggest tax collection source of BMC.

The civic authorities say that they’ll be able to reach the target of Rs. 5,000 crore as the citizens have tendency to pay the taxes towards the end of financial year. The authorities also claim to crackdown the defaulter who owe around Rs. 11,000 crores to the corporation.

Courtesy/By: Mayank Agarwal | 17 Jan 2019