Telangana Govt. Waves 90 Percent Arrears Interest On Property Tax
Hyderabad Feb 29 (Maxim News): The Telangana government headed by Chief Minister Revanth Reddy has issued orders waiving off the 90 percent accumulated arrears interest on property tax, provided the tax paper clears the principal amount of the property tax dues till the financial year 2022-23.
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The Greater Hyderabad Municipal Corporation (GHMC) commissioner and the Director of Municipal Administration requested that the government consider a waiver of the interest amount.
The government ordered a waiver of 90 percent on accumulated arrears interest on property tax, provided the taxpayer clears the principal amount of property tax dues till the Financial Year 2022-23, together with 10 percent of interest on accumulated arrears at one go in respect of all properties, including private properties and government properties, that were existing in the GHMC limits and other ULBs under the ‘One Time Scheme’ (OTS).
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This scheme is also applicable to all those taxpayers who paid their entire property tax dues, including interest/penalties, upto March 2023 during the current Financial Year before it comes into force, 90 percent of such interest shall be adjusted against future payments. (Maxim News)
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