HYDERABAD: The Greater Hyderabad Municipal Corporation (GHMC) has collected Rs 1,917 crore in property tax, which is Rs 257 crore more compared to the previous fiscal. By doing so, the GHMC has also surpassed the target of the revised budget estimates for 2023-24 of Rs 1,810 crore.
Property tax collection for the previous year was around Rs 1,660 crore. A major factor contributing to higher tax collection has been the implementation of the One Time Settlement (OTS) scheme. The OTS scheme offered a waiver of 90% of the accumulated interest on property tax arrears, provided the taxpayers clear the principal amount by the year 2022-23 along with 10% of the interest on accumulated arrears in one go in respect of tax on properties.
This initiative alone has resulted in the collection of nearly Rs 319 crore this year, showcasing its effectiveness in incentivising compliance among taxpayers.
On the final day of the fiscal (March 31), GHMC collected over Rs 123 crore. Remarkably, the record collection is in an election year during which bill collectors and tax inspectors are deployed for election duties.
Sources say that concerted efforts to address long-pending issues with both government and private entities have significantly contributed to streamlining the tax collection process and enhancing overall efficiency. Apart from the general public, many government departments also cleared their tax dues due to constant efforts put in by the senior officials of GHMC who took up the matter with them.
The major government departments availed the OTS scheme. Some of those departments are: HMWS&SB (Rs 63 crore), HMDA (Rs 9 crore), BSNL (Rs 13 crore), IDPL (Rs 16 crore and South Central Railway (Rs 1.73 crore).