Chennai: Property tax keeps the cash flowing

Dated on: Thursday 30th March 2023

The Greater Chennai Corporation has managed to reduce its income shortfall while maintaining critical infrastructure projects like as storm water drains, roads, bridges, and buildings, thanks to increased revenue from the property tax hike and smart budgeting. The corporation predicted a deficit of '788.5 crore for fiscal year 2022-23, but the actual deficit was 517.6 crore. The revenue shortfall is predicted at '334.5 crore in the budget for 2023-24, which was announced on Monday, and officials believe they can reduce it further. According to Vishu Mahajan, deputy commissioner of revenue and finance, the corporation got a significant increase in revenue from property taxes and state financial handouts.

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