MUMBAI: The Maharashtra cupboard has licensed a property tax waiver for houses in Mumbai with carpet space upto Rs 500 sqft. The waiver shall be applicable from January 1, 2019.
The proposal was once Shiv Sena's election promise before the 2017 civic elections. The Brihanmumbai Municipal Corporation (BMC) had cleared the proposal for the waiver in July 2017 and it was once despatched to the state executive for clearance. However the state executive didn't absorb the proposal till Friday, which was once the last cupboard meeting before the election code of behavior for the general elections comes into effect.
The BMC's proposal also included reduction in property tax up to 60% for residences which might be greater than 500 sq.ft space up to 700 sq.ft space, which the state executive didn't want to transparent as the powers are with the BMC and it does no longer want approval from the federal government.
"The cabinet has to clear the proposal if a tax levied by any corporation is completely done away with, in case the tax limit is reduced or changed the powers are with the corporation," said an reputable.
Senior officials from the urban building division (UDD) said that there are 14.98 lakh devices in Mumbai having space not up to 500 sq.ft.
"This scheme will give relief to the residents of chawls and middle class areas which is a big voter base for any political parties," said a source.
Property tax is now the largest source for earnings for the BMC and especially after the octroi was once subsumed through GST.
The property tax assortment target for 2018-19 is Rs 5,206 crore.
The proposal was once Shiv Sena's election promise before the 2017 civic elections. The Brihanmumbai Municipal Corporation (BMC) had cleared the proposal for the waiver in July 2017 and it was once despatched to the state executive for clearance. However the state executive didn't absorb the proposal till Friday, which was once the last cupboard meeting before the election code of behavior for the general elections comes into effect.
The BMC's proposal also included reduction in property tax up to 60% for residences which might be greater than 500 sq.ft space up to 700 sq.ft space, which the state executive didn't want to transparent as the powers are with the BMC and it does no longer want approval from the federal government.
"The cabinet has to clear the proposal if a tax levied by any corporation is completely done away with, in case the tax limit is reduced or changed the powers are with the corporation," said an reputable.
Senior officials from the urban building division (UDD) said that there are 14.98 lakh devices in Mumbai having space not up to 500 sq.ft.
"This scheme will give relief to the residents of chawls and middle class areas which is a big voter base for any political parties," said a source.
Property tax is now the largest source for earnings for the BMC and especially after the octroi was once subsumed through GST.
The property tax assortment target for 2018-19 is Rs 5,206 crore.
Property tax waived off on houses up to 500sqft
![Property tax waived off on houses up to 500sqft]()
Reviewed by Kailash
on
March 09, 2019
Rating:
