Visakhapatnam: GVMC generates 416 crores through land and property tax in 2022-23 fiscal

The Greater Visakhapatnam Municipal Corporation (GVMC) has surpassed its targetted property and vacant land tax for the 2022-23 financial year, having collected Rs 416.5 crore. This comes after the state government’s interest subsidy for tax defaulters ended at midnight on Friday. The interest waiver on property tax resulted in people and organisations paying their property taxes on a large scale.

Visakhapatnam Mayor Golagani Hari Venkata Kumari thanked revenue officers and staff, along with public representatives, for their contributions to the city’s development. Ahead of the 2022-23 financial year, the GVMC has set a property and land tax target of Rs 375 crores, which it surpassed by a significant margin.

Currently, there are 5.59 lakh property tax assessments under the jurisdiction of the Greater Visakhapatnam Municipal Corporation (GVMC), making it the largest corporation in the state. The GVMC’s previous method of collecting taxes was based on rent. However, following new reforms across the country, the sub-registrar will collect taxes based on the land value, starting 1 April 2023 for the financial year 2023-24.

The GVMC aims to continue its efforts in increasing tax collection and improving the city’s development. The revenue officers and staff are also attributed to the record level of tax collection for this financial year, along with public representatives, deputy mayors, standing committee members, floor leaders, corporators, GVMC officials, ward administrative secretaries, and media representatives, who have all contributed towards achieving the feat.

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