GCC Budget: Corpn eyes ₹1600 cr through property tax collection

CHENNAI: The Greater Chennai Corporation (GCC) on Monday tabled the Budget and announced major schemes to boost the city infrastructure.

For the financial year 2023-2024, the Chennai Corporation's estimated income is Rs 4,131.70 crore and an expenditure of Rs 4,466.29 crore.

The civic body is expected to collect Rs 1,680 crore of property tax in the coming financial year. In 2022-23, the Corporation estimated to collect Rs 1,500 crore, of which it received Rs 1,408 crore till March 25th.

Similarly, the income through the commercial tax is to be estimated at Rs 500 crore this year, stated Sarbajaya Das, chairperson, Tax and Finance committee, who tabled the Budget in the Corporation Council.

Besides the revenue and sanctions from the government, the civic bidy is planning to generate an aditional fund of Rs 250 crore through stamp duty charges.

Under the recommendations of the 6th State Finance Commission, separate funds have been allocated for the Metropolitan Chennai Corporation and through this the civic body is likely to get Rs.850 crore, Sarbajaya Das informed the council.

An allocation of Rs 1,079.31 crore has been made for repair and maintenance expenditure during the current financial year. A total of Rs.1,434.06 crore is allocated for the 2023-2024 for the maintenance and improvement of roads, buildings, parks, burial grounds, playgrounds, schools and Anganwadis. The Rs 1,436 crore expenditure will also be utilised for maintenace of sanitation in city.

The Council also adopted to increase the area development fund for each councillor from Rs 35 lakh to Rs 40 lakh. The funds according to the corporation sources will help the councillors to sanction the funds for the basic civic works to be exeuted in thier respective wards. Similarly the councillors in case of death, would recieve three lakhs from corporation. Earlier this compensation was Rs one lakh and now incresaed to Rs 3 lakh.