Seeking to augment its revenue, the South Delhi Municipal Corporation on Tuesday proposed in its budget to increase property tax levied on residential and commercial properties, and reduce the number of rate slabs from three to two.
Residential, commercial and non-residential plots (of up to 150 sqm) are currently divided into three categories in the city -- 'A-B'; 'C-E' and 'F-H' categories.
"I propose that for the financial year 2022-23, the number of categories should be reduced from three to two -- 'A-E' and 'F-H'," Bharati said, while presenting revised budget estimates for 2021-22 and budget estimates for 2022-23 at the Civic Centre here.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Subscribe To Insights
Key stories on business-standard.com are available to premium subscribers only.Already a BS Premium subscriber? Log in NOW
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Preferential invites to Business Standard events.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.