Business Other News 18 Jul 2022 Telangana govt to wa ...

Telangana govt to waive 90% interest on property tax dues

DECCAN CHRONICLE. | MD NIZAMUDDIN
Published Jul 18, 2022, 3:16 am IST
Updated Jul 18, 2022, 3:16 am IST
The property owners have to pay only 10 per cent of their accumulated interest along with the principal amount of property tax before October 31.  — Representational Image
 The property owners have to pay only 10 per cent of their accumulated interest along with the principal amount of property tax before October 31. — Representational Image

Hyderabad: In a major reprieve to property tax payers, the Telangana government has decided to give a one-time waiver on payment of interest on outstanding property tax.

The Municipal Administration & Urban Development (MA&UD) announced a waiver of 90 per cent tax for accumulated arrears of the interest component on property tax under One Time Scheme (OTS).

The property owners have to pay only 10 per cent of their accumulated interest along with the principal amount of property tax before October 31.

Taxpayers are required to pay all accrued arrears of tax on properties under the OTS scheme in all ULBs, including GHMC, at one go, including the principal amount of property tax due through the years 2021–2022, as well as 10 per cent interest. For taxpayers who paid their entire property tax dues — including interest and penalties—up to March 2022 during the current fiscal year prior to the introduction of this plan, 90 per cent of any interest or penalties will be adjusted against future payments.

The GHMC and MA&UD reported dues to the tune of Rs 1,999.24 crore towards pending arrears of property tax in all Urban Local Bodies (ULBs), including GHMC and its arrear interest amount to the tune of Rs 1,626.83 crore by the end of the fiscal year 2021–2022.

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Location: India, Telangana




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