GMC eyes Rs 80 crore more revenue via property tax
Real Estate

GMC eyes Rs 80 crore more revenue via property tax

The Ghaziabad Municipal Corporation (GMC) is surveying to recognise how many homes in the city have been evading tax. Officials told the media that the civic body, which had collected Rs 146 crore in property tax last year, was hoping to increase its yearly revenue by at least Rs 80 crore via tax collected from the remaining homes.

A geographic information system (GIS) survey is in the last stage. They have reviewed 97 of the 100 wards here. Simultaneously, the corporation is conducting a door-to-door survey and the data is being collated, as per Sanjeev Sinha, the chief tax assessment officer.

It has come to their notice that tax has not been collected from many homes that have come up lately. There are buildings where extra growth has taken place too. As the total tax is based on carpet and covered regions, the GMC can collect more revenue from such properties.

Presently, the GMC levies tax under two heads, carpet area (Rs 2.14 per sq ft) and covered area (87 paise per sq ft). As of now, they are collecting tax from 3.8 lakh homes. But if the number of buildings that have been either remodelled or built new is taken into account, it would be anywhere roughly 5 lakh. As per a rough estimate, the additional revenue from house tax would be about Rs 80 crore yearly.

The civic body had faced stiff resistance from residents when it had hiked house tax by 15% last year. Officials in GMC, yet, claimed that tax rates in the city were among the lowest in the state. The GMC is additionally planning to allot a unique 17-digit identification number to each property under residential and commercial types. Officials consider that a digital system will assist the corporation to garner maximum payment. The current tax computation model employed by GMC is outdated. It needs a revamp. Under the revived programme, they will soon be introducing software, property tax management, with an ambition to maximise the revenue.

Image Source

Also read: Ghaziabad civic body to invest Rs 25 cr to revamp 10 major roads

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

The Ghaziabad Municipal Corporation (GMC) is surveying to recognise how many homes in the city have been evading tax. Officials told the media that the civic body, which had collected Rs 146 crore in property tax last year, was hoping to increase its yearly revenue by at least Rs 80 crore via tax collected from the remaining homes. A geographic information system (GIS) survey is in the last stage. They have reviewed 97 of the 100 wards here. Simultaneously, the corporation is conducting a door-to-door survey and the data is being collated, as per Sanjeev Sinha, the chief tax assessment officer. It has come to their notice that tax has not been collected from many homes that have come up lately. There are buildings where extra growth has taken place too. As the total tax is based on carpet and covered regions, the GMC can collect more revenue from such properties. Presently, the GMC levies tax under two heads, carpet area (Rs 2.14 per sq ft) and covered area (87 paise per sq ft). As of now, they are collecting tax from 3.8 lakh homes. But if the number of buildings that have been either remodelled or built new is taken into account, it would be anywhere roughly 5 lakh. As per a rough estimate, the additional revenue from house tax would be about Rs 80 crore yearly. The civic body had faced stiff resistance from residents when it had hiked house tax by 15% last year. Officials in GMC, yet, claimed that tax rates in the city were among the lowest in the state. The GMC is additionally planning to allot a unique 17-digit identification number to each property under residential and commercial types. Officials consider that a digital system will assist the corporation to garner maximum payment. The current tax computation model employed by GMC is outdated. It needs a revamp. Under the revived programme, they will soon be introducing software, property tax management, with an ambition to maximise the revenue. Image Source Also read: Ghaziabad civic body to invest Rs 25 cr to revamp 10 major roads

Next Story
Infrastructure Energy

Centre Prioritising Energy Security With Coal Gasification

Union minister for Coal and Mines G Kishan Reddy said the Centre is prioritising energy security through a strategic shift to coal gasification and has announced incentives totalling Rs 460 billion (bn) to support the effort. He said more than 35 companies will start coal gasification activities in India within two months and that the government is encouraging firms that bring technology to close the domestic technology gap. The minister described the initiative as aimed at reducing import dependence and developing indigenous capacity. India has the fifth-largest coal reserve in the world, and..

Next Story
Infrastructure Urban

BHEL and Coal India Invest Rs 250 bn in Odisha Gasification

Bharat Heavy Electricals (BHEL) and Coal India (CIL) are jointly investing Rs 250 billion in a coal gasification project in Odisha, with the Prime Minister laying the foundation stone in Jharsuguda. Union Coal and Mines Minister G Kishan Reddy described the initiative as a transformative shift in coal utilisation that will open industrial avenues for the state. The project moves coal beyond conventional power generation to industrial feedstocks. Coal gasification will convert coal into synthesis gas, a versatile feedstock for chemicals, fertilisers and synthetic fuels, and the technology is ex..

Next Story
Infrastructure Energy

BCCL Hands Over Dugdha Coal Washery To JSW Steel

Bharat Coking Coal has handed over the Dugdha Coal Washery to JSW Steel, marking the first coal washery asset monetisation under the Ministry of Coal's asset monetisation programme. The handover took place in the presence of senior officials from Bharat Coking Coal Ltd, JSW Steel and JSW Energy. The washery has a capacity of two million tonnes per annum (mn t per annum), and its transfer is intended to introduce private sector practices into coal beneficiation operations. The monetisation is aimed at modernising coal sector assets, improving operational efficiency and enhancing resource utilis..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement