Unbelievable. The Greater Hyderabad Municipal Corporation (GHMC) has made history by collecting an astounding Rs 1,864 crore as property tax for the financial year 2023-24.
Not a small step up from ₹1,680 crore in the last year, this is the highest ever for the GHMC. That, in itself, is clear proof of strong economic strategies in place and hard work put into getting better at collecting taxes. The approach of the end of the financial year seems to have pushed up GHMC property tax payments in a big way, with a majority of the payments pouring in at the last minute. And if you look at the parties that contributed or added to this large sum, you’ll see that most of them came in and contributed at the very last day, staying true to their commitment to the city.
All these worked together on the final day, as GHMC kept its counters open till 12 at midnight so that everybody got a chance to pay taxes. One smart move that finally paid off this year was the one-time settlement scheme (OTS) that started on February 29. This plan alone brought an additional Rs247.69 crore.
Just imagine, in the three days that led to the deadline, GHMC collected Rs 205.66 crore, with 79.59 crore of it coming in by 7 pm on the very last day. Closer scrutiny discloses that large organizations, including large government departments, are included among those paying their tax bills. The Hyderabad Metropolitan Water Supply and Sewerage Board (HMWS&SB) came in with Rs 63 crore paid up, while the Hyderabad Metropolitan Development Authority (HMDA) added Rs 9 crore to the pool.
The Bharat Sanchar Nigam Limited (BSNL) contributed by chipping in with Rs 13 crores, the South Central Railway (SCR) contributed Rs 1.73 crores, and, not exactly having any bearing as such, the Indian Drugs and Pharmaceuticals Limited (IDPL) contributed a noticeable payment of Rs 16 crores. The record collection of revenues is a major achievement of GHMC, which reflects how serious they are in boosting the city’s financials. Much beyond it, the collection reflects how the city of Hyderabad, from big institutions to common man residents, contributed to each part of development. In the future, GHMC’s success in collecting the property tax is set to shine as a beacon for other cities to copy and walk on this very path, for good management and community effort.
Meet Suhas Harshe, a financial advisor committed to assisting people and businesses in confidently understanding and managing the complexities of the financial world. Suhas has shared his knowledge on various topics like business, investment strategies, optimizing taxes, and promoting financial well-being through articles in InvestmentDose.com
