Confederation of Real Estate Developers’ Associations of India (CREDAI) a real estate industry body submitted a memorandum to the Finance Ministry concerned with the appeal for removal of service tax on housing complexes under construction. The Chairman of CREDAI, Kumar Gera stated that they have put forth their concerns and suggestions and also discussed the probable impact of the provisions with the Ministry.
According to Gera, the money collected through the imposition of service tax on real estate development will not be big enough, rather it would majorly lead an overall negative sentiment and a net loss of revenue. In budget 2010,Service Tax is imposed on 33 per cent of total selling price.
According to CREDAI, it was an impractical proposal to levy service tax on under construction complex since it would lead government giving preference to the secondary market of completed projects. An understanding of the problem and required corrective steps will be taken is a hope from the government. The list of recommendations was built in consultations with KPMG, its knowledge partner and was submitted to Y G Parande, a Finance Ministry Member (Budget).
Special drives for property tax recovery after Diwali
Nagpur Municipal Corporation (NMC) has directed all the zone officials to prepare a list of property tax defaulters.This year property tax collection is 2 crore more than last year. Till date (September 16) the property tax department has recovered only Rs 17 crore property tax.
The Nagpur Municipal Corporation will embark on a special drive to recover property tax from over five lakh defaulting after the festival season.The zone officials will prepare a list of property tax defaulters.The property owners who have unpaid taxes of Rs 5,000 and more will be issued notices by the respective zonal offices.As per the new policy, property tax is being calculated on the basis of rental value or the annual letting value of the property. Thus the revaluation exercise essentially involves the revision of standard rent of properties in a particular area.
once the elections and the festival season ends we will start special drives to complete the target.
Of the 340 approved posts, only 193 employees have been deputed to the property tax department to complete the target given by NMC. Even among these, over 100 employees are presently engaged in the state assembly election duties, which has forced NMC to slow down the recovery work. However, once the elections and the festival season ends NMC will start special drives to complete the target.In 2009-10 too the department expects to cross the Rs 100 crore mark.
Special NMC drive
Posted in Other Cities, Property Tax
Tagged apartment, defaulter, defaulters, nagpur, property, property owners, property tax, property tax 2008-09, real estate, Real estate in India
According to MCD, only nine lakh people pay property tax, while according to its estimate, there are more than 30 lakh properties in the city. The Municipal Corporation of Delhi (MCD) has launched an amnesty scheme. The amnesty scheme will be open from Tuesday to October 31.
The Municipal Corporation of Delhi (MCD) has launched an amnesty scheme under which tax defaulters can clear their dues without having to pay a penalty or the interest amount. But those who fail to pay the tax by October will not only face penalties like sealing of bank accounts and attachment of property but may also be jailed for a period of seven years.
Under the scheme, all the property tax payers in the city will get a special identification number similar to Permanent Account Number from the civic agency. In future, the facility will be extended to other property owners too.The agency said that in future, property owners who submit pay the tax will get benefit in getting the building plan sanctioned.
The 30% penalty will be waived off for those paying property tax dues
before October 31. In addition to this, 1% interest levied every month on unpaid amount will not be charged from them. For the scheme, the civic agency has constituted special teams in all the 12 zones and the property tax headquarter at Lajpat Nagar.
Posted in Delhi, News
Tagged amnesty, apartment, flatowners, housing complex, India, property, property owners, property tax, real estate, Real estate in India
Chennai: Nearly 40 notices have been put up in buildings, including residential structures, at K.K.Nagar, Virugambakkam, Kodambakkam and Ashok Nagar since Tuesday. According to the notice, lift owners are advised to operate the facility after obtaining licence under the Tamil Nadu Lifts Act 1997 within two months.The Tamil Nadu Electrical Inspectorate is serving notices.
According to the official, there are nearly 7,000 licensed lifts in the city. Licences of only 30-40 per cent of lifts had been renewed. About 1,000 lifts have identified, whose licences have not been renewed, and 500 that are being operated without licence.The inspection is carried out for the lifts in use for which permission have not been obtained based on petitions received by the department.It is for the first time that such a drive is being conducted.Earlier, owners of such buildings cautioned by placing an advertisement in the media.
As per the Tamil Nadu Lifts Act 1997, the defaulters would be levied a penalty up to Rs.1,000 and those who continue to flout the rules would have to pay Rs.50 for every additional day of use.
Notices for lifts without license in city