Ludhiana MC collects 70.7 per cent property tax

In the first half of the current fiscal year, the Ludhiana Municipal Corporation (MC) successfully collected approximately 70.7% of its targeted property tax revenue, which was set at Rs 1.30 billion for the entire year. The MC aimed to secure Rs 900 million in property tax collections by September 30. To encourage taxpayers to file their returns promptly, the local bodies department announced a 10% rebate for those who paid by the September 30 deadline. According to sources, the Ludhiana MC collected around Rs 926.5 million by the midnight deadline on September 30, thanks to over 0.24 million property tax returns filed by residents. On the last day, the MC managed to collect over Rs 100 million, bringing the total property tax collection to Rs 815 million by Friday evening. A senior MC official mentioned, A total of 0.24 million property tax returns were filed, and we have received Rs 926.5 million. However, since some entries are yet to be made, we are expecting the amount to reach Rs 940 million. The state department of local bodies had approved a property tax target of Rs 1.30 billion for the current fiscal year. With the property tax deadline set for December, the MC now has three additional months to meet the target. Authorities are hopeful of surpassing this goal, as the state local bodies department recently introduced a one-time settlement (OTS) policy. Under this policy, property tax defaulters from previous years will not incur penalties or interest if they settle their dues before December 31. Notably, some government departments are also among the defaulters.