An analysis of data from the Ministry of Urban Development, for 22 corporations across the country, revealed that there was 312.04% increase in revenues in November 2016 (till 19th November), over the receipts they received in the entire month of November 2015. “While the 22 corporations’ property tax collection in November 2015 was Rs 274 crores, they have netted an amount of Rs 855 crores during this year in the corresponding month,” a Greater Hyderabad Municipal Corporation (GHMC) official said.
See also: Demonetisation: 3 Delhi civic bodies fetch Rs 7 crores in property tax
Among the 22 corporations, the GHMC stood first with a 2,350% increase, as its revenues for November 2015 were Rs 8 crores, which rose to a record Rs 188 crores from November 1 to 19, 2016 and majority of it comprising property tax and layout regularisation collection amount, coming after November 10 – after the centre allowed citizens to pay their arrears for essential services with the demonetised currency, he said. Kalyan, in Maharashtra, was in second position, by collecting Rs 170 crores, followed by Ahmedabad at Rs 150 crores.
“It appears that the tax payers preferred to clear off their utility dues with the demonetised denominations, which is a hassle-free process, rather than to line up before the banks for exchange of denominations,” the official claimed.
The unprecedented tax payments received in November 2016, is a definite advantage for the civic body, as it occurred without the usual intensive efforts which the corporation pursues every year, in the last quarter of the financial year, the GHMC official added.
Press Trust of India (PTI), headquartered in New Delhi, is India’s largest news agency. It was registered in 1947 and started operations in 1949. PTI has more than 400 journalists and 500 stringers, who generate more than 2,000 stories and 200 photographs every day. Subscribers to PTI’s feed include the mainstream media, research groups, specialised presses, companies, government organisations and NGOs.
Facebook: https://www.facebook.com/PressTrustofIndia
Twitter: https://twitter.com/PTI_News
Email: dgmadmin@pti.in
Related Posts
Demonetisation effect: Maharashtra stamp duty collection drops 37%.
Demonetisation: Urban local bodies in Maharashtra collect over Rs 1,000 crores.
Realty hit hard by demonetisation, awaits ‘white money’ buyers.
Net office absorption across the top eight cities likely to surge by up to 10% to 32.4 million sq ft, in 2017.
Office market to stay strong despite falling growth numbers: Colliers report.
Maharashtra’s revenue from stamp duty falls by Rs 1,000 crores.