Urban News

  • Increase font size
  • Default font size
  • Decrease font size
Taxation

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

| | 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

Print PDF

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."

Latest Comment

GENERAL PUBLIC NOTICE; WE ARE URGENTLY IN NEED OF 0RGAN D0N0RS WITH THE SUM OF $450,000.00.USD, CONTACT US ON WHATSAPP FOR MORE DETAIL. TEL, NUMBER 91-9036-106-834 WHATSAPP NUM, 91 -7030-270-406.Rampton Secure Hospital

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.
 
  • «
  •  Start 
  •  Prev 
  •  1 
  •  2 
  •  3 
  •  4 
  •  5 
  •  6 
  •  7 
  •  8 
  •  9 
  •  10 
  •  Next 
  •  End 
  • »


Page 1 of 263