Brace for hefty hike in property, vehicle taxes in Ahmedabad
City residents facing inflationary pressures may end up shelling out more in form of increased property and vehicle tax in the new financial year. The Ahmedabad Municipal Corporation Monday proposed a 100% increase in tax for residential properties and 45% for non-residential ones.
The annual property tax for residential buildings has been proposed to be raised from Rs 10 to Rs 20 per square metre. Similarly for non-residential properties, the tax will be raised from Rs 22 to Rs 32.
Municipal Commissioner Dr Guruprasad Mohapatra proposed to raise the taxes in the municipal budget for 2013-14 which was tabled before the standing committee, which will discuss and clear the budget.
The budget also proposes an increase in vehicle tax through introduction of tax slabs for cars. From a standard 1% of basic price (being followed this year), the revised vehicle tax for cars will vary from 1 to 2.5% of its basic price. For two-wheelers, the tax has been increased from 2.5% to 2.75% of its basic price.
No hike was proposed on general, water and conservancy taxes. The hike of Rs 10 in both residential and non-residential buildings will subsequently result in a hike in these taxes which are calculated on the property tax.
General tax is 30% of the property tax for residential buildings. For non-residential buildings, it varies from 30 to 40%, depending on the type of work carried out in the building like commercial, office, education, charity and others.
Though a major portion of the revenue earned by the AMC is attributed to the grant in lieu of octroi tax (31%), with a hike in property tax, the corporation is expected to have an increase in the revenue earned from Rs 350 crore to Rs 490 crore, an increase of 40%.
Similarly, from water and conservancy taxes, the estimated increase in revenue to be earned by the AMC could be from Rs 165 crore to Rs 210 crore, an increase of 27%. An increase of Rs 18 crore is expected to be earned from the hike in vehicle tax. Thus, earning around Rs 211 crore extra revenue from hike in taxes.
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