Chennai corporation generates record-breaking revenue of Rs 1000 crore in six months

Chennai Corporation collected more than Rs 1000 in the form of various taxes in the first six months of this financial year, which is the highest ever revenue generation so far.
Chennai: Greater Chennai Corporation have Rs. 3,243 crore outstanding debt

Greater Chennai Corporation.

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Chennai: The civic authorities in Chennai announced that the Greater Chennai Corporation has collected more than Rs 1000 crore in the form of various taxes during the first half of this financial year. This is a significant increase in the corporation's revenue compared to last year. The corporation collected only Rs 1297 crore during the entire fiscal year 2021-2022.
The major share of the total revenue during this period is from property tax. Rs 696 crore was collected between April and September from the property owners. It was only Rs 375 crore in the previous year. The GCC recorded an income of Rs 246 crore as professional tax. Also, more than Rs 50 crore has been collected as entertainment tax, company tax, and trade licenses. Rentals from commercial complexes have also been included.
Notably, the revenue generated in the second half of the previous fiscal year was Rs 403 crore. This time, the corporation collected Rs 293 crore additionally mainly because of the recent revision of tax rates, the civic officials said. Out of the total 13.1 lakh eligible property taxpayers in the city, 6.9 lakh people have paid their property tax. The number of people paying more than Rs 50,000 has significantly increased from 13,000 to 23,000.
The GCC is expecting a higher revenue generation in the second half of this financial year, from October 2022 to March 2023. Usually, the property tax collection would be higher during the second half, the officials point out. In total, the corporation is expected to generate Rs 2000 crore this year.
The highest property tax collection in the corporation was recorded in 2018-19 when the civic body got Rs 1000 crore. The total tax revenue that year was Rs 1,470 crore, which is the highest amount so far.
Last week, the corporation decided to waive off the two percent penalty levied on people who are yet to pay the difference after the property tax revision. The tax penalty will not be levied for the second half of the financial year too. Also, the taxpayers can get a 5 percent rebate if they pay by October 15, officials said.
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