Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
The Nashik Municipal Corporation (NMC) saw a 33% increase in property tax collection, reaching INR 234 crore by February, a record high. To meet its INR 250 crore goal, it needs INR 16 crore more. The rise is attributed to an 8% discount for early lump-sum payments, an extra 1% for online payments, and a successful amnesty scheme. NMC's push for digital transactions and actions against defaulters, like door-to-door collection, also contributed. With a steady revenue increase over recent years, NMC expects to exceed its target in March.
During the current fiscal year (April 2024-March 2025), the Nashik Municipal Corporation (NMC) recorded a 33% rise in property tax collection, reaching INR 234 crore by the end of February. The amount collected over the same period in the prior fiscal year represents a notable increase. Advertisement
To reach its goal of INR 250 crore, the civic body still needs to raise an extra INR 16 crore with one month left in the fiscal year. Since its founding almost forty years ago, the NMC has never collected more property tax income than the INR 234 crore it did on February 28. INR 207 crore was collected during the preceding fiscal year, setting a new record. Notably, NMC generated over INR 180 crore in 2022-2023, demonstrating a steady increase in income.
The 8% discount provided for lump sum payments made during the first quarter (April-June) of the fiscal year, as well as an extra 1% discount for online payments, are responsible for the increase in collections. This effective method allowed NMC to collect INR 100 crore in the first three months alone. In keeping with the larger trend towards digital governance and better tax compliance, NMC has aggressively supported digital transactions and online payments in recent years.
Furthermore, an amnesty plan was essential in increasing revenue, which helped the civic organization reach the INR 234 crore milestone by February. Even though comparable amnesty programs have been implemented in the past, the present one has seen a far greater participation rate, which has resulted in an increase in money.
NMC has previously had to deal with issues related to tax collection, including tax evasion and late payments. To address these issues, the civic authority has started initiatives like door-to-door tax collection drives and legal actions against defaulters. The steady increase in revenue throughout the years has been facilitated by these actions. The NMC administration anticipates that property tax collections in March will contribute an extra INR 20 crore to help improve its financial status.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
