Revised betterment tax to fetch government Rs 20 cr
Delhi - The property tax is likely to go up as East Delhi corporation proposed to increase the property valuation by 1.6 times.
The budget was proposed by the Education Management Corporation (EDMC). They revised the professional tax and electricity tax on power generators of five KW and new parking charges on minute basis to augment its coffers.
Although the change was not mentioned in the budget speech, EDMC commissioner Sajjan Singh Yadav said, that there is a need to revise the valuation of property and all the 8 categories of residential properties. It was also proposed to have 5 percent education cess and 10 percent betterment of the tax.
Around Rs 11 crore and Rs 22 crore are expected to be collected from cess and betterment tax respectively during the next financial year. The officials also added that due to the increase in infrastructure development, modern transport facilities and regularisation of colonies, the value of properties have increased and hence 10 percent property tax will be imposed as betterment tax for all properties.
According to the revised proposal, if the property cost Rs 160, one has to pay Rs 19.20 as tax and also 5 percent education tax and 10 percent betterment tax on Rs 19.20. Due to the increased valuation the parking charges will be 50 percent additional in the peak hours i.e 5 pm to 9pm.
Earlier, the car owners had to pay Rs 10 for 10 hours but after the recent changes, the owners will have to pay Rs 10 for half an hour and Rs 20 for 30 min to one hour and Rs 50 for one to three hours. Rs 20 will be charged extra after three hours of parking. Hence the parking’s monthly income will increase from Rs 500 to Rs 1,500.
EDMC has also plan to levy tax for people who are earning between Rs 5 lakh to Rs 10 lakh per annum. Those who earn more than 10 lakh will have to pay 2,400 per year as Professional Tax.
The total revenue that will be collected through the tax is around Rs 20 crore in the next financial year.
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