SDMC Rolls Back Hike in Tax Rate for Small Commercial Properties
The civic body in south Delhi has rolled back increase in rate of tax for small commercial property-owners for the current financial year, a move that will benefit nearly 30,000 people, officials said today.
New Delhi, Jul 2 (PTI) The civic body in south Delhi has rolled back increase in rate of tax for small commercial property-owners for the current financial year, a move that will benefit nearly 30,000 people, officials said today.
The South Delhi Municipal Corporation (SDMC) in a statement said owners or occupiers of properties sized less than 150 sqm, will have to pay property tax for the financial year 2018-19 at the rate of taxes applicable in the last fiscal.
Mayor Narender Chawla said property tax rates in respect of such properties have been "rolled back" to bring the rates back to the level existing in financial year 2017-18.
SDMC Standing Committee Chairperson Shikha Rai said the excess amount of property tax already paid till date on this account, with respect to those properties will be adjusted during the financial year 2019-20.
"Around 30,000 owners or occupiers of such properties will be benefited with this liberal decision of the SDMC. It wanted to give relief to small commercial property owners with an aim to protect them from any enhanced amount of property tax," she said.
These properties will henceforth be levied tax as per rates applicable in their respective category of colonies i.e., 10 per cent, 12 per cent and 15 cent, instead of 20 per cent rate mentioned in the original schedule of taxes for the financial year 2018-19, the SDMC said.
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