Maharashtra govt nods tax waiver for homes up to 500 sq ft in Mumbai

The Maharashtra cabinet sanctioned the state government's decision to waive property tax on homes up to 500 sq ft in Mumbai. Chief Minister Uddhav Thackeray had declared the decision on New Year's Day. In a statement, the Chief Minister's Office said that it would benefit 16.14 lakh residential units. The waiver will lead to an income loss of Rs 462 crore for the exchequer. The Mumbai municipal corporation will endure a loss of Rs 417 crore while the state government will endure the burden for the remaining Rs 45 crore deficit, officials told the media. On Wednesday, the cabinet additionally decided to waive the tax on school buses for the term between April 2020, the beginning of the coronavirus pandemic, to March 31, 2022. Vehicles held or hired on contract by schools and utilised just for transporting school children will be qualified for the concession, the CMO statement said. The tax already paid would be adjusted in future dues. Image Source