MCG has recorded a 66% jump in revenues from stamp duty in the first five months of this fiscal as compared to the same period last year, officials said on Friday, attributing this to an increase in the number of registries.
The civic body has earned Rs 123 crore from stamp duty between April 1 and August 31 – a large hike from the Rs 74.3 crore collected in these five months in 2021. But MCG has so far met 20% of its targeted income from stamp duty for this fiscal. It aims to earn Rs 600 crore from this revenue source. Last fiscal year, the corporation had added around Rs 664 crore in stamp duty and arrears.
“We have so far received Rs 120 crore and expect high income from stamp duty because the number of registries has gone up this year. This has boosted our income. The two major components of our revenue are property tax and stamp duty. Our taxation department is simultaneously working on making more recoveries from the property tax defaulters, so that our income in the current quarter also improves,” said a senior MCG official privy to the matter.
Between April and August, MCG has collected property tax of Rs 112 crore. It had earned just Rs 2.2 crore from property tax in April, but this jumped to nearly Rs 16 crore in May, and Rs 35 crore in June. The figure rose to Rs 52 crore in July, but plummeted in August (Rs 5.9 crore).
The civic body is running far behind its total projected income. It generated only 7.8% of its estimated revenues in the first quarter (April-June) of this financial year and spent just 6.3% of its projected expenditure.
MCG’s total revenue it is expecting this FY is Rs 3,000 crore; its projected expenditure is Rs 2,700 crore. Earnings from building plan approvals and composition, which was earmarked at Rs 10 crore for the current fiscal, is just Rs 32 lakh in the first quarter.
