Sunday, Oct 26, 2014

BMC’s early-bird initiative earns it Rs 114 cr in July

Under the early bird incentive, the civic body offered a 6 per cent tax rebate to taxpayers who paid the annual tax amount. Under the early bird incentive, the civic body offered a 6 per cent tax rebate to taxpayers who paid the annual tax amount.
Written by Tanushree Venkatraman | Mumbai | Posted: August 10, 2014 2:33 am

In July, the second month of rolling out the early-bird incentive scheme, the Brihanmumbai Municipal Corporation’s (BMC) assessment and collection department received tax payments close to Rs 114 crore from Mumbaikars.

The scheme, which was introduced in the first week of June, earned the civic body Rs 146 crore in the same month. The amount was paid by around 47,000 people from across the city.

Under the early bird incentive, the civic body offered a 6 per cent tax rebate to taxpayers who paid the annual tax amount in full by June 30 and a 3 per cent rebate to those who paid by July 31.

“The civic body gave a tax rebate of close to Rs 3 crore in the first month. In July, we offered a tax rebate of Rs 1.37 crore to the citizens, as we wanted them to reap maximum benefits of the scheme,” said a senior civic official from the assessment and collection department of the civic body.

Those who paid the half-yearly amount by the end of July received a 1 per cent rebate. In June, citizens across the city received a 2 per cent rebate for paying the half-yearly amount (April to September) and a 4 per cent tax rebate for also paying the second installment (October to March) by June 30.

The scheme was implemented in financial year 2013-14, though it was passed by the civic body’s standing committee in 2012. It has been implemented on a trial basis for the next two years.

Property tax collections are one of the main sources of revenue for the civic body. In 2014, the corporation expects to add around Rs 2,260 crore to its coffers by collecting property tax.

tanushree.venkatraman@expressindia.com

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