90% property tax collection from ULBs despite pandemic
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Nine municipalities register 100% tax collection
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Nine municipalities register 100% tax collection
Municipal corporations and municipalities across Telangana have collected 90% of the property tax on demand from 20-odd lakh dwellings despite the pandemic in the last financial year of 2020-21 ending March this year. The 141 Urban Local Bodies (ULBs), other than GHMC, had collected about ₹495 crore and another ₹226 crore of arrears, making for a total of over ₹720 crore.
The precise demand for the 20,24,315 properties has been ₹531 crore with arrears coming to ₹268 crore or a total of about ₹799 crore, said Director of Municipal Administration (DMA) N. Satyanrayana on Monday.
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Shares of smallcap companies were in focus on Wednesday with the S&P BSE SmallCap index up more than 1 per cent, was close to its record high level after a strong rally in chemicals, graphite electrode makers and rating agencies shares.
Shares of HEG and KPIT Technologies, for instance, soared 20 per cent each on the BSE in the intra-day trade on Wednesday. Graphite India, Vimta Labs, Sandur Manganese & Iron Ore, CARE Ratings, Vinati Organics and Shree Pushkar Chemicals & Fertilisers, meanwhile, rallied between 10 per cent and 17 per cent in the intra-day trade.
At 02:45, the S&P BSE Smallcap index, the top gainer among broader indices, was up 1.3 per cent at 21,285 points, as compared to a 0.85 per cent gain in the S&P BSE Midcap and a 0.94 per cent rise in the S&P BSE Sensex. The smallcap index hit an intra-day high of 21,299.84 points, and is 120 points away from its record high level of 21,419.84 touched on March 12, 2021.
The domestic equity markets welcomed RBI governor Shaktikanta Das decision to keep repo rate unchanged at 4 per cent during the first bi-monthly monetary policy of FY22, along with holding the GDP growth rate steady at 10.5 per cent for new financial year. Despite the recent surge in Covid-19 cases, the governor said the central bank and the government are prepared to tackle the second wave of coronavirus. That apart, the Governor announced ‘Secondary market G-sec acquisition programme , wherein the RBI will commit upfront to a specific amount of open market purchases of government securities thus anchoring the yields and ensuring comfortable liquidity conditions. Guidance on the quantum of G-Sec purchases (Rs 1 trillion in Q1FY22) offered comfort to debt market participants on the backdrop of a huge supply calendar.
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