Nagpur civic body rejects proposal to hike property tax for FY 22-23
10 Feb 2022
2 Min Read
CW Team
The Nagpur Municipal Corporation (NMC) has rejected the proposal of the civic administration to hike property tax for FY 22-23.
According to the chairman of the standing committee, Prakash Bhoyar, the House will decide on the civic administration's proposal.
He said that the decision not to revise the property tax was taken due to the Covid-19 pandemic, which hit most sectors and sections of the society.
He added that the pandemic caused many financial losses, due to which the 16-member committee rejected the proposal for a 5-10% hike in property tax.
Bhoyar said that many departments, including the town planning department, have earned Rs 150 crore, compared to the target of Rs 84 crore for FY22.
He said that the civic body would waive off property tax for residents having 500 sq ft properties if the state government allocates additional funds.
According to provision 99 of the Maharashtra Municipal Corporation (MMC) Act, the NMC property tax department submitted a proposal to the standing committee that the tax structure of FY23 should be proposed before the general body before 20 February.
Bhoyar said that the committee had decided that the tax revision in 2015-16 should be left unchanged and forwarded the decision to the general body.
Assistant municipal commissioner, Mahesh Dhamecha, said that the committee also backs the election department's demand of Rs 2.45 crore for works related to civic polls. Earlier, NMC spent around Rs 7.50 crore, keeping in mind the 7th Pay Commission implementation and now expects to spend Rs 10 crore for the elections.
Besides, the committee has also approved Rs 51.74 lakh for the maintenance of the Kavivar Suresh Bhat auditorium and road projects of Rs 1.41 crore in different localities.
Also read: NMC passes resolution for property tax exemption up to 500 sq ft
The Nagpur Municipal Corporation (NMC) has rejected the proposal of the civic administration to hike property tax for FY 22-23.
According to the chairman of the standing committee, Prakash Bhoyar, the House will decide on the civic administration's proposal.
He said that the decision not to revise the property tax was taken due to the Covid-19 pandemic, which hit most sectors and sections of the society.
He added that the pandemic caused many financial losses, due to which the 16-member committee rejected the proposal for a 5-10% hike in property tax.
Bhoyar said that many departments, including the town planning department, have earned Rs 150 crore, compared to the target of Rs 84 crore for FY22.
He said that the civic body would waive off property tax for residents having 500 sq ft properties if the state government allocates additional funds.
According to provision 99 of the Maharashtra Municipal Corporation (MMC) Act, the NMC property tax department submitted a proposal to the standing committee that the tax structure of FY23 should be proposed before the general body before 20 February.
Bhoyar said that the committee had decided that the tax revision in 2015-16 should be left unchanged and forwarded the decision to the general body.
Assistant municipal commissioner, Mahesh Dhamecha, said that the committee also backs the election department's demand of Rs 2.45 crore for works related to civic polls. Earlier, NMC spent around Rs 7.50 crore, keeping in mind the 7th Pay Commission implementation and now expects to spend Rs 10 crore for the elections.
Besides, the committee has also approved Rs 51.74 lakh for the maintenance of the Kavivar Suresh Bhat auditorium and road projects of Rs 1.41 crore in different localities.
Image Source
Also read: NMC passes resolution for property tax exemption up to 500 sq ft
Next Story
3i Infotech Reports Rs 7.25 Bn Revenue for FY25
3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..
Next Story
Emerald Finance Joins Baya PTE to Boost SME Bill Discounting
Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..
Next Story
BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25
BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, 鈥淲e are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..