India News | Confusion over Tax Rebate Announcements Impacts MCD Revenue Collection
Get latest articles and stories on India at LatestLY. Property tax, which accounts for nearly one-fourth of Municipal Corporation of Delhi's internal revenue, saw a decline in collection following reports of exemptions and rebates announced on February 25.
New Delhi, Apr 11 (PTI) Property tax, which accounts for nearly one-fourth of Municipal Corporation of Delhi's internal revenue, saw a decline in collection following reports of exemptions and rebates announced on February 25.
According to official data, the Municipal Corporation of Delhi (MCD) collected Rs 2,163.57 crore in property tax during FY 2024-?25, slightly up from Rs 2,132.89 crore collected in the previous fiscal.
However, from the date of the media reports (on exemptions and rebates) till the close of the financial year, the collection dropped to Rs 193.28 crore from Rs 367.16 crore collected during the same period last fiscal, an official statement said.
The decline has been attributed to the confusion among the taxpayers regarding 100 per cent exemption for properties below 100 square yards and a 50 per cent rebate for those between 100 and ?500 square yards, the statement said.
Despite clarifications issued by the MCD, many taxpayers remained uncertain about their eligibility, leading to a drop in both the number of taxpayers and the overall collection, it said.
Officials have stressed the importance of maintaining the financial health of MCD, which is vital for delivering basic civic services such as sanitation, road maintenance, drainage and street lighting, it added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)