Maharashtra Cabinet Approves Amnesty Scheme to Waive Property Tax Penalties

Maharashtra cabinet has approved an amnesty scheme to waive the 2% monthly interest on arrear of property tax in municipal councils, nagar panchayats, and industrial townships. The move will attempt to convince people to pay on time and free owners from the extra burden of money since many times the...

Maharashtra cabinet has approved an amnesty scheme to waive the 2% monthly interest on arrear of property tax in municipal councils, nagar panchayats, and industrial townships. The move will attempt to convince people to pay on time and free owners from the extra burden of money since many times the fine is more than the amount of tax due, resulting in delaying the payments. The scheme entails the amendment of current laws and will be implemented through an ordinance. The government hopes that this project will improve tax payment and increase municipal revenues. Additionally, the cabinet also approved a uniform interest rate for compensation in land acquisition at 1% above the repo rate rather than varying rates under the Land Acquisition Act of 2013. This is one of Maharashtra's overall efforts to rationalize the administration and counter fiscal issues faced by taxpayers. Source: Economic Times, Indian Express, Hindustan Times