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Property registration department continues collecting 1% Local Body Tax

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The Times of India        18.07.2017  

Property registration department continues collecting 1% Local Body Tax

| | Jul 18, 2017, 05:29 AM IST
Advocate Yogesh Mehta, who bought commercial property in the last week of June, is waiting for registration of property with the Inspectorate General of Registration (IGR) and Stamp Department in the state as there is no clarity on Local Body Tax (LBT) for property registrations. At present, citizens pay 6% stamp registration fee (5% is stamp duty fee as per the Maharashtra Stamp Act and 1% is LBT). "I would prefer to hold on to registration than pay extra as LBT Mehta said.

Bibwewadi (Pune) resident Pravin Bafana is also holding on to registering his property for clarity on LBT from the state finance department. "Since GST came into force from July 1, we are hoping the state government issues a circular to stop collection, as we do not end up paying more for property registration,'' said Bafana, who booked a property nearby .

The state IGR continues to collect 1% LBT despite the Centre implementing Goods and Services Tax (GST) from July1and doing away with local body taxes. Citizens registering immovable properties are continuing to pay 1% more for registrations under LBT, with no clear direction from the state government.

IGR officials told TOI stamp registration comes under the Stamp Act and unless the state government issues a notification they will continue with the process. `The Stamp and Registration Act is different. On LBT collection, the state finance department has to issue a circular,'' senior officials from the registration department said.

Senior finance department officials said they would look into the technicalities. "With octroi gone, LBT should also go and only stamp duty should be collected, as in other states,'' Mehta said.
 

Property registration department continues collecting 1% Local Body Tax

Print PDF

The Times of India       18.07.2017 

Property registration department continues collecting 1% Local Body Tax

Advocate Yogesh Mehta, who bought commercial property in the last week of June, is waiting for registration of property with the Inspectorate General of Registration (IGR) and Stamp Department in the state as there is no clarity on Local Body Tax (LBT) for property registrations. At present, citizens pay 6% stamp registration fee (5% is stamp duty fee as per the Maharashtra Stamp Act and 1% is LBT). "I would prefer to hold on to registration than pay extra as LBT,'' Mehta said.

Bibwewadi (Pune) resident Pravin Bafana is also holding on to registering his property for clarity on LBT from the state finance department. "Since GST came into force from July 1, we are hoping the state government issues a circular to stop collection, as we do not end up paying more for property registration,'' said Bafana, who booked a property nearby .

The state IGR continues to collect 1% LBT despite the Centre implementing Goods and Services Tax (GST) from July1and doing away with local body taxes. Citizens registering immovable properties are continuing to pay 1% more for registrations under LBT, with no clear direction from the state government.

IGR officials told TOI stamp registration comes under the Stamp Act and unless the state government issues a notification they will continue with the process. `The Stamp and Registration Act is different. On LBT collection, the state finance department has to issue a circular,'' senior officials from the registration department said.

 

Senior finance department officials said they would look into the technicalities. "With octroi gone, LBT should also go and only stamp duty should be collected, as in other states,'' Mehta said. 

 

Netas oppose BMC plan on water tax hike

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The Times of India          15.06.2017     

Netas oppose BMC plan on water tax hike

(Representative image)
MUMBAI: Leaders of various parties in BMC are gearing up to oppose the administration's plan to continue with the up to 8% yearly water tax hike. They raised objection on Wednesday when the issue came up at the standing committee meeting.

In 2012, BMC cleared a proposal to increase water tax (for residential and commercial use ) by up to 8% every year for the next five years. The standing committee, at that time, had given the civic chief the power to increase the tax without taking their approval. The five-year deadline ends in June 2017.

BJP group leader Manoj Kotak said, "BMC has Rs 61,000 crore bank deposits and there is no need to continue with the hike. Like the state waived off farmer loans, we will ensure citizens are freed from the tax burden."

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Opposition leader in BMC and Congress corporator Ravi Raja, said, "We are opposing the 8% yearly hike on water taxes."

Shiv Sena leaders said they are yet to take a call on the issue but will oppose any tax burden.
 

Corp increases rent for Saidapet market, vendors irked

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The Times of India       23.05.2017  

Corp increases rent for Saidapet market, vendors irked

| May 23, 2017, 09.33 AM IST
Representative image
CHENNAI: The Greater Chennai Corporation has increased the rental rate for the Saidapet Abdul Razzak Vegetable Market irking its vendors. The market's vendors on Monday filed a complaint with commissioner D Karthikeyan against the increased rates.

Earlier in 2015, a Rs 9 crore-project was announced to transform the market, which is one of the oldest in the city, into a modern 2 storey structure inspired, by urban markets of Singapore. But the project was stalled as it is facing resistance from vendors who are worried about their relocation during the construction. Severe financial crunch in corporation also is a reason for the project not taking off.

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It was with the aim to increase overall revenue that officials recalibrated the rate from Rs 6 per sqft to the market value of Rs 40 per sqft. "If they had built the new structure and increased the rent, it would have been fair. But we are facing the same old problems in the market," said T Bhaskar, secretary of the market's association. "We want them to reduce the rent." Among the 300-odd vendors in the market, more than 50 are permanent.

However, revenue officials and local officers say they had a meeting with the vendors earlier in January and finalised the rates with their approval. "We researched the surrounding market rates, had a discussion with vendors and even reduced the rates on their request," said a senior corporation official. "We are only following rules that these rates have to be revised every 9 years." Officials also added that rental rates of all shopping complexes owned by corporation will be increased soon.
 

Pay property tax at nine locations

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The Times of India        20.05.2017 

Pay property tax at nine locations

| May 20, 2017, 05.38 AM IST
(Representative image)
(Representative image)
BENGALURU: To ease the process of property tax payment, BBMP has collaborated with Canara Bank to set up stalls at nine assistant revenue offices (AROs), which will accept property tax payments in cash up to Rs 25,000. This is being done mainly for the benefit of senior citizens and those from low-income households to avoid the hassle of standing in lines to get khata.

M K Gunashekar, chairman of the standing committee on taxation and finance. The service is available from May 19 at AROs in Jayanagar, RR Nagar, Dasarahalli, Mayo Hall, CV Raman Nagar, Bommanahalli, Hoodi, MarathahalliWhitefield and Galianjaneyaswamy Temple.
 
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