SMC records `50 cr drop in property tax revenue
Surat: The Surat Municipal Corporation has recorded a drop in property tax revenue in April-May. Despite the Corporation's 10% property tax rebate, SMC only generated Rs175 crore in the two months.
The local body has fallen short of forecasts by roughly Rs50 crore, compared to its projected revenue of Rs220 crore to Rs230 crore.
According to sources, the Corporation's main source of revenue is property taxes. Professional tax and vehicle tax collections were also roughly Rs50 crore lower than estimates.
The SMC recently sold government land in different parts of the city to raise new revenue and carry out new projects. According to reports, the civic body sold five plots of land through an e-auction.
Earlier this week, the Aam Aadmi Party (AAP) organised protests against the SMC's proposed move to sell the plots of land.