KMC to Waive 100% Interest on Property Tax

KMC to Waive 100% Interest on Property Tax
Jul 2020 , by , in Latest News, News/Views

The Kolkata Municipal Corporation (KMC) is likely to waive the entire interest on outstanding property tax from August. The discount offer will be valid for a limited period, probably six months.

So far, the civic body offered defaulters a 50% waiver on the interest on property tax that was yet to be paid. But now, in a frantic attempt to compensate for the loss of revenue from property tax during the prolonged lockdown period, the KMC authorities have decided to offer a total interest waiver to encourage defaulters to pay up.

The civic authorities have drafted such a proposal and sent it to the state government for approval. The announcement on behalf of the board of administrators that now runs the KMC administration may soon be made once the green signal reaches the civic body headquarters. The total property tax, which is due, is Rs 3,500 crore. According to statistics, among 5 lakh-odd tax-payers assessed, more than 400 major defaulters owed KMC Rs 1,500 crore.

The civic body would offer the 100% waiver of interest for a limited period. The scheme might be on offer for six months at the most. After that, the waiver will be back on 50% of the interest amount, as is applicable now.

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