BBMP has gathered Rs1,555 cr of its Rs 2,900 cr. This fall tax target; 3 lakhs of the city’s 16 lakh dependable owners have by no means paid dues. There is ideal information for belongings owners inside the town. Those who have no longer paid the taxes in the first time period can now pay it with our additional levies. Earlier, there was a penalty of two percent a month after the rebate became over, which has been scrapped.
The Bruhat Bengaluru Mahanagara Palike (BBMP) has accumulated around Rs 1,555 crore in property tax within the remaining six months. It hopes to gather approximately Rs 1,500 crore within the second term. In keeping with the Karnataka Municipal Act, Those normally prone to pay assets tax will pay the taxes in identical installments – first earlier than Might also 30, and second with the aid of November 29 of every economic yr.
However, the proprietor, occupier, or character is usually liable to pay assets tax, May additionally pick out to play in a single installment. M Venkatachalapathy, joint commissioner (revenue), said that many belongings owners have already received 5 in step with cent rebate via paying first term charge or deciding to buy the whole yr. “Every year, a 5 percent rebate is given for people who pay taxes using April and can, but this year, this become prolonged till June.”
He stated the subsequent 3 months witnessed an extra levy of two greater in step with cent for each month; using September – late taxpayers have been paying six in keeping with cent in levies. “But from October – the beginning of the second one-time period of property tax payment – we aren’t charging the 2 in step with cent interest. We need people to utilize this incentive an n d p a y t h e I r t an x e s, ” Venkatachalapathy stated.
From December 1, although, the penalty will kick in. BBMP had initially hiked belongings tax for 2016-17, the contemporary economic year. However, after opposition from residents, the Congress-JDS alliance governing the BBMP needed to roll returned the hike. In reality, after the hike, the council had estimated a sales raise of Rs 1,100 crore over the final year’s series, which stood at Rs 1,820 crore – the best for the reason that BBMP’s inception on January 17, 2007. This year, the BBMP has a property tax target of Rs 2,900 crore of which, it has already gathered Rs 1,555 crore.
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There are around sixteen lakh assets proprietors in the metropolis who’re inside the tax internet, and In line with the revenue officials, around three lakh belongings owners have in no way paid taxes. Presently in most Indian cities, particularly Delhi NCR, there is a huge mismatch in pricing expectation between what the customer is inclined to pay and what sellers are asking for. This has created distress in a few markets nowadays, with minimum transactions in buyers preserving off from completing purchases and document unsold inventories, brought Basu.
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