GHMC mulls brand-new real estate tax plan to mop limited incomes
HYDERABAD: The GHMC is most likely to reintroduce its One-Time Settlement (OTS) scheme on payment of real estate tax. It is prepared to waive approximately 90 percent of accumulated arrears on residential or commercial property tax, provided taxpayers clear their whole charges up until 2020– 21 by simply paying 10 per cent of interest on total dues.
When the civic body presented this plan last time, it might mop up only Rs 240 crore. This time around, officials are wishing to mobilise Rs 500 crore. The corporation has actually likewise written to the state federal government in this regard.
When GHMC first presented the OTS scheme, its deadline had actually been September 15, 2020. The corporation kept the date multiple times to enhance collections. The corporation anticipated Rs 1000 crore through the OTS plan but the Covid-19 second wave and lockdown spoilt sport.
In general, the civic body disappointed around Rs 1,100 crore by method of real estate tax profits. At that time, the (TS-bPASS (Telangana State Building Approval and Design Approvals Self-Certification System) saved the GHMC to a degree.
GHMC has up until now understood Rs 412.66 crore through building approvals throughout the present monetary year. This is Rs 158 crore more than in 2015 during the very same duration. By reintroducing the OTS scheme, the corporation intends to mop up Rs 2,000 crore throughout 2021-22 by way of real estate tax.
A senior civic body authorities, requesting privacy, told Deccan Chronicle that the GHMC will quickly introduce the OTS plan, once the proposal to this result is okayed by the state federal government.
The variety of real estate tax defaulters is gigantic. Of 4,03,902 defaulters in simply main zone, only 2,48,504 had cleared their fees in 2020-21. Stats reveal overall, 73 per cent individuals default on real estate tax payment by making corporation’s profits authorities “delighted.”
An authorities has actually gone on to declare that if the civic body gathers even 60 percent of real estate tax from defaulters, it can increase its collection to Rs 2,500 crore.
The scheme waiving 90 per cent of accumulated defaults on home tax is conditional in that home owners must pay 10 per cent interest on their accumulated defaults in one go. The OTS scheme will apply to all urban local bodies, including GHMC.
Released at Sun, 10 Oct 2021 13:30:46 -0500