July 4, 2023: The Municipal Corporation of Delhi (MCD) has collected over Rs 1,110 crore as property tax in the first quarter of the financial year 2023-24 (Q1 FY24), said Delhi mayor Shelly Oberoi in a press conference on July 3, 2023. This marks a YoY increase of over 40% in property tax collection. In Q1 FY23, the property tax collected was Rs 695 crore, while it was Rs 540 crore in Q1 FY22.
The mayor also stated that the number of taxpayers has increased to around 7.17 lakh. The number of taxpayers from April to June 2022 was 6,27,000 and the corresponding number in 2021 was 4,56,000. Property tax collection remains one of the biggest sources of revenue for the MCD. Under the budget projections for FY24, the MCD plans to earn Rs 15,523.9 crore, out of which Rs 4,300 crore is expected to be collected via property taxes alone. Other sources of tax revenue include electricity tax, transfer duty on properties, toll tax and tax on advertisements.
According to an MCD official, the property tax department has been registering a rise in collections over the last three years. This has been facilitated through improvements in deposit process, online notices as well as amnesty schemes designed to increase the number of taxpayers. The MCD provides an incentive of 10% rebate in property tax for early filing in its first quarter, and an additional 2% rebate is provided on online payments.
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