April 3, 2024: In the financial year 2023-24 (FY24), the Greater Hyderabad Municipal Corporation (GHMC) collected Rs 1,917 crore in property tax, marking an increase of Rs 257 crore compared to the previous year’s collection of around Rs 1,660 crore. This surpassed the target of the revised budget estimates for FY24, which was set at Rs 1,810 crore. However, the collection fell short of the targeted Rs 2,100 crore.
A significant factor contributing to the higher tax collection was the implementation of the One Time Settlement (OTS) scheme. This scheme offered a 90% waiver on accumulated interest on property tax arrears, provided that taxpayers cleared the principal amount by the year 2022-23 along with 10% of the interest on accumulated arrears in one go. This initiative alone resulted in the collection of nearly Rs 319 crore this year. Additionally, the GHMC collected Rs 765 crore through the early bird scheme within the first month of the financial year, setting a new record.
In the last two weeks before March 31, a total of Rs 429 crore was collected, with Rs 123 crore collected on the final day. Notably, this record collection occurred in an election year, during which bill collectors and tax inspectors were deployed for election duties. Besides the general public, many government departments also cleared their tax dues, with major departments such as HMWS&SB (Rs 63 crore), HMDA (Rs 9 crore), BSNL (Rs 13 crore), IDPL (Rs 16 crore), and South Central Railway (Rs 1.73 crore) availing the OTS scheme.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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