Tax rebates have once again proved to be effective as the Greater Hyderabad Municipal Corporation (GHMC) raked in an impressive Rs 1,917 crore in property tax for 2023-24. Notably, a major chunk of that collection came from the Early Bird Scheme (EBS) at the start of the financial year and the One-Time Scheme (OTS) at the end. Over Rs 500 crore was collected in March 2024 alone, with the tax paid under the OTS being Rs 319.59 crore up to 10 pm on March 31.
The scheme exempted 90 per cent of interest on property tax arrears provided one cleared the principal amount of tax up to 2022-23. The EBS in April 2023 saw a collection of Rs 765 crore, generated from over 7.5 lakh assessments.
This campaign gave a five per cent rebate on the property tax. Both these schemes combined fetched more than Rs 1,000 crore, leading to tax collections this year being the highest ever. Multiple government and private entities also utilised the Early Bird Scheme to clear their dues, which was open from February 29 to March 31.
According to the revised budget estimates for 2023- 24, the property tax collection was expected to be Rs 1,810 crore, which was surpassed by Rs 107 crore. Moreover, there is a 15.5% increase — Rs 257 crore — in revenue generation when compared with the previous financial year’s Rs 1,660 crore.
A total of Rs 123 crore was collected on the final day of just concluded financial year. In a press statement, GHMC Commissioner Ronald Rose stated that the target was achieved despite being an election year and that multiple long-pending tax arrears by government and private entities were cleared.
