14 Aug 2022
by Web Desk | Published: 11 Jan 2022
The Maharashtra Cabinet will meet on Wednesday to debate the urban development department's proposal to abolish all property taxes on residential units of up to 500 square feet (46.45 square metres) within the jurisdiction of the Brihanmumbai Municipal Corporation (BMC). Chief Minister Uddhav Thackeray announced the government's move on January 1 and instructed the urban development department to implement it in January rather than April this year.
"The outcry is getting louder for the remission of property tax from January ahead of the Brihanmumbai Municipal Corporation (BMC) elections," a senior Maha Vikas Aghadi (MVA) Minister stated. The state cabinet has given its assent for implementation to begin in January, as well as for the issuance of an ordinance proposing a modification to the Mumbai Municipal Corporation Act 1888." The government's action will benefit nearly 16 lakh residential houses in the city, which are home to tens of thousands of people. Each year, Brihanmumbai Municipal Corporation (BMC) is expected to lose Rs 462 crores in revenue.
The Bharatiya Janata Party (BJP), on the other hand, has requested that the waiver begins in 2017, when the Shiv Sena revealed its Brihanmumbai Municipal Corporation (BMC) election platform. Due to the covid outbreak and lockout, the Brihanmumbai Municipal Corporation (BMC) anticipated to collect Rs 6,768 crores in property taxes in 2021-21, but only managed to collect Rs 4,468 crores. In 2021-22, the BMC plans to collect Rs 7,000 crores in property taxes.
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