PMC Property Tax Revenue Stuck with Defaulters
Pune Municipal Corporation struggles to recover Rs 11,500 crore in pending property tax dues, with major defaulters including mobile tower companies and private offices.
PmcProperty TaxPuneDefaultersRevenueReal Estate PuneAug 11, 2024
The major defaulters include mobile tower companies, which owe around Rs 3,000 crore, and private and government offices, which owe around Rs 100 crore. A recent review of property tax and dues by the PMC revealed that around Rs 2,000 crore was stuck in double taxation disputes.
The owners of these properties claim that they have been charged tax twice on the same property, leading to legal issues between the PMC and the owners. As a result, the civic administration has been unable to recover around Rs 600 crore in tax.
To recover the tax, the PMC has taken several steps, including drives where music bands are played in front of defaulters' properties. While this initiative has yielded some results, the PMC still faces a significant challenge in recovering the pending dues.
The PMC's struggle to recover property tax dues is not unique to Pune. Recently, the Brihanmumbai Municipal Corporation (BMC) announced that property tax rates would remain unchanged for the year 2024-25. Despite having the authority to adjust rates every five years, the BMC has not increased rates since 2015-16.
In other news, the Directorate General of GST Intelligence (DGGI) has closed pre-show cause proceedings against Infosys for the 2017-2018 financial year, reducing tension around a Rs 32,000 crore tax issue.
The Lok Sabha has also passed the Finance Bill 2024, which includes amendments to the capital gains tax on real estate. The bill offers a choice between a lower rate or the old regime with indexation benefits, aimed at promoting investment and benefiting the middle class.
The recovery of pending property tax dues is crucial for the PMC to fund its various civic projects and initiatives. The civic administration must take proactive steps to recover the dues and prevent further defaults.
In recent years, the government has taken several initiatives to promote transparency and accountability in property tax collection. The introduction of online payment systems and the use of technology to track defaulters have improved the efficiency of property tax collection.
However, more needs to be done to address the issue of pending property tax dues. The PMC must work closely with defaulters to resolve disputes and recover the pending dues. The civic administration must also take steps to prevent further defaults and ensure that property tax collection is efficient and effective.
Information
The Pune Municipal Corporation (PMC) is the civic body responsible for governing the city of Pune. The PMC is responsible for providing various civic services, including water supply, sanitation, and transportation.
The Pune Municipal Corporation (PMC) is a local government body that is responsible for governing the city of Pune. The PMC is committed to providing high-quality civic services to its citizens and promoting sustainable development in the city.
Frequently Asked Questions
How much is the pending property tax dues in Pune?
The pending property tax dues in Pune is around Rs 11,500 crore.
Who are the major defaulters of property tax in Pune?
The major defaulters of property tax in Pune include mobile tower companies and private and government offices.
What steps has the PMC taken to recover pending property tax dues?
The PMC has taken several steps to recover pending property tax dues, including drives where music bands are played in front of defaulters' properties.
Why is the recovery of pending property tax dues important for the PMC?
The recovery of pending property tax dues is crucial for the PMC to fund its various civic projects and initiatives.
What initiatives has the government taken to promote transparency and accountability in property tax collection?
The government has introduced online payment systems and the use of technology to track defaulters to improve the efficiency of property tax collection.
Related News Articles
Newly Listed Firms on Dalal Street Witness Surge in Market Capitalization
At least five newly-listed firms on Dalal Street have seen their market capitalization exceed Rs 20,000 crore in the past year, benefiting from the ongoing rally in the domestic equity markets.
Eco Hotels and Resorts Limited Shares Surge 5% on Maharashtra Hotel Deal
Microcap stock Eco Hotels and Resorts Limited jumped 5% after signing a deal to open a hotel in Maharashtra. Get the latest news and updates on the company's stock performance and financials.
MahaRERA Issues Warning: 314 Housing Projects Under Insolvency, Homebuyers Advised to Exercise Caution
MahaRERA has issued a warning to homebuyers about 314 housing projects that are currently undergoing insolvency proceedings. The list, available on MahaRERA’s website, includes projects with significant investments already made. Homebuyers are strongly ad
Freehold Properties in PCNTDA: Maharashtra Minister Assures Relief to 5 Lakh Citizens
Freehold properties in PCNTDA area may soon get a reprieve as Maharashtra Minister Uday Samant promises to take action, bringing relief to over 5 lakh citizens.
Maharashtra Elections 2024: Shinde Sena-led Mahayuti in the Lead, MVA Lags Behind
As of early morning trends, the Shinde Sena-led Mahayuti is pulling ahead in the Maharashtra elections, while the MVA coalition is trailing behind.
Balewadi: Your Ideal Location for High-Yield Real Estate Opportunities in Pune
Balewadi, a vibrant suburb in Pune, has emerged as a premier destination for real estate investments, offering strategic location, exceptional connectivity, and robust infrastructure.