The Brihanmumbai Municipal Corporation (BMC) has managed to earn highest annual income from property tax this year. The civic body has set a target to recover a minimum of ₹200 crores on March 31, last day of the ongoing financial year 2021-22.
As on Wednesday, March 30, INR 5,200 crore has been deposited in the municipal coffers.
Till Tuesday afternoon, March 29, BMC had collected INR 5,108 crores. However, it was expected to further collect INR 600 crores in the next two days.
With the initial target of INR 6,000 crores, which was revised to INR 4,800 crores after taking into account the pandemic situation.
According to reports, last year, the BMC had collected INR 5,135 crores as property tax, with INR 41 crores in penalties. The total collection was the highest in a decade. However, officials stated that this year it is likely to surpass that record.
For those unversed, the BMC had to stop the collection of Octroi duty and all check nakas were shut down after implementation of the Goods and Services Tax (GST). Thereafter, the BMC emphasised on collection of property tax, with the state government only recently deciding to waive tax for houses with an area equal to or less than 500 sqft.
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