CHENNAI: The Greater Chennai Corporation has collected close to 1,000 Crore as property tax and other taxes during the first half of the financial year 2022-2023. During the entire fiscal 2021-2022, the civic body collected a total revenue of only Rs. 1,297 Crore.
According to Chennai Corporation data, as much as Rs. 696 Crore was collected between April and September as property tax. During the same period previous fiscal, only Rs. 375 crore was collected. Similarly, during the second half of the previous financial year (October 2021 to March 2022), the civic body collected Rs. 403 Crore.
"This time, we have collected Rs. 293 Crore additionally. This is due to the recent revision of the tax rates, " an official said.
Apart from Rs. 696 Crore property tax, the civic body generated a revenue of Rs. 246 Crore as professional tax. Moreover, more than Rs. 50 Crore has been collected as entertainment tax, company tax, trade licenses and rentals from shopping complexes.
The official added that the civic body collected around Rs. 700 Crore in the 2018-2019 financial year when the government hiked tax rates, which was withheld later.
It may be noted that the property tax collection would be higher during the second half of every financial year when compared to the first half of the particular financial year. The civic body expects higher collection during the next half would record Rs. 2,000 Crore total revenue in 2022-2023.
The civic body collected Rs. 1,000 Crore as property tax in the 2018-2019 financial year, which was the highest one-year collection. In the same year, total tax revenue crossed Rs. 1,470 Crore, which was also the highest total revenue in a year.
Meanwhile, the official said that the property owners, who pay their property tax (for the second half-year) before October will get 5 per cent incentive up to a maximum of Rs. 5,000. Owners missing the last date would have to pay up 2 per cent penalty.