Ashwini Priolker
CNBC-TV18
The Birhanmumbai Municipal Corporation announced its annual budget estimate for the year 2018-19. The budget estimate for this year is Rs 27,258 crore which is 8.42% more than last year’s budget estimate which was Rs 25,141 crore.
This is the first budget of BMC after the implementation of Goods and Services tax. The GST replaced Octroi which was one of the largest sources of revenue for the BMC. However, BMC is now receiving a compensation in lieu of Octroi by the state government.
date = new Date(); date.setTime(date.getTime()+(1*24*60*60*1000)); $.cookie("dfp_cookie_article", "Y1", {expires: date,path:"/",domain: ".moneycontrol.com"});While announcing the Budget, the municipal commissioner Ajoy Mehta said that the revenue income of the BMC has primarily become dependent on the growth of real estate sector. And the impact of the slowdown is now very much evident.
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「Revenues from the Development Plan Department, especially income from Fungible FSI, staircase and lift premium, infrastructure charges for development proposals in MHADA layouts and DCR 649b) have shown a downfall」, said Ajoy Mehta.
The BMC expects to collect Rs 5,200 crore in form of property tax by March this year. The BMC has made the property tax account number of the buildings it’s single UID number. In December last year, BMC made it mandatory for all citizens except residential slum dwellers to quote this UID number to get all required services and permissions. BMC hopes that this facility will cover maximum buildings under property tax liability and hence increase its revenue.
In this year’s budget estimate the BMC has not proposed any hike in the rates of the present taxes nor any new taxes have been imposed.
Infrastructure was another core area of focus in BMC’s budget. BMC has made the provision of Rs. 1,500 crore for its ambitious coastal road project while Rs. 100 crore has been allotted for the Goregoan Mulund Link Road project.
In this year’s budget, BMC has also taken a decision to give water connection at a regular rate to rehab buildings of SRA/MHADA even before the grant of the Occupation Certificate. However, this is only for the residents of the rehab component.本文來源：http://www.moneycontrol.com/news/business/policy/bmc-budget-2018-revenues-of-development-plan-department-fall-due-to-slowdown-in-realty-2498823.html
