The civic body earned Rs.123 crore from stamp duties between April 1 and August 31. Gurugram civic body significantly increased from the Rs 74.3 Crore collected in these five months in 2021.
GURUGRAM: MCG (Municipal Corporation of Gurugram) recorded a 66% increase in stamp duty revenues in the first five months of the fiscal compared to last year. Officials said Friday that this was due to an increase in registries.
Between April 1 and August 31, the civic body earned Rs 123 crore from stamp duty – a significant increase from the Rs 74.3 crore collected during these five months in 2021.
Stamp Duty News Gurugram
MCG has achieved only 20% of its target income from stamp duty this fiscal year. The revenue source is estimated to be Rs 600 crore. The corporation added Rs 664 crore in stamp duties and arrears last fiscal year.
Tax Department has received Rs 120 crore so far and expected to receive high stamp duty income this year, as the number of registries is continuously increasing.
This has increased our income. Property tax and stamp duty are the two main components of our revenue.
Our taxation department is continuously working to bring more recoveries from properties tax defaulters so that our income for the current quarter also improves, a senior MCG official stated.
Municipal Corporation of Gurugram (MCG) collected Rs 112 crore in property tax between April and August. MCG had only earned Rs 2.2 crore from property taxes in April. However, this rose to Rs 16 crore in May and Rs 35 crore by June.
The price rose to Rs 52 crore by July but fell to Rs 5.9 crore in August.
The total income projections for the civic body are far from reality. It only generated 7.8% of its expected revenues in the first quarter of this financial year (April-June) and spent 6.3% of its projected expenses.
MCG expects to earn Rs 3,000 crore in FY 2005. Its projected expenditure is Rs 2,700 million. In the first quarter, only Rs 32 lakh earned from the approval and composition of building plans was available.
