GHMC OTS Offers 90% Cut In Interest On Property Tax Dues Nation
Hyderabad: The Greater Hyderabad Municipal Corporation (GHMC) has put forward a one-time settlement (OTS) scheme to recover property tax arrears amounting to over Rs 6,200 crore, encompassing interest, owed by 4.97 lakh assessments.
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The proposed scheme, which awaits approval from the state government, aims to alleviate the burden on taxpayers while facilitating the recovery of overdue taxes. “We are awaiting a reply from the state government,” a GHMC official confirmed.
Under the proposed OTS scheme, taxpayers get a 90 per cent reduction on accumulated arrears interest on property tax until the financial year 2022-23.
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To qualify for this, taxpayers must settle the principal amount of property tax arrears in addition to 10 per cent of the interest on accumulated arrears in a single payment. The OTS scheme proposed by the GHMC, exclusively applies to properties within its jurisdiction and does not extend to other urban local bodies (ULBs) across Telangana.
Further, the scheme encompasses both private and government properties. The GHMC aims to secure an ambitious Rs 2,100 crore for the financial year 2023-24. As of January 2024, the corporation has already collected Rs 1,268.49 crore.
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