AMC Recovers Tax Revenue Of Rs 950.43 Crore

The tax department of Ahmedabad Municipal Corporation (AMC) has recovered Rs 950.43 crore till the last day of the financial year. According to a press release issued by the department, it stated that till midnight, the department is expecting to earn an additional amount of Rs 5 crore.

For the 2018-19 financial year, the civic body had estimated the revenue target of Rs 950 crore to generate from the tax, which is the main source of civic body’s income. To recover the due from tax defaulters, the department has sealed more than 34,000 commercial units with the help of other departments of AMC.

To make a speedy recovery, AMC had announced to auction 21 commercial properties whose tax was due since long. The civic body had made two unsuccessful attempts to auction two properties, now AMC owns them.

This year, the civic body has sealed many private and government premises to recover the pending dues, like BSNL, post-office and a hotel chain. When the Cambay Hotel failed to respond to the notice served to them, civic body not only sealed their premises but had disconnected their drainage and water connection too.

To meet the financial need of civic body, the AMC has borrowed Rs 7000 crore from International Finance Corporation (IFC) for the next five years after and agreement with the organization. The amount will be spent on projects related to environmental conservation and climate change management, as per the agreement.

Money borrowed

AMC has borrowed 700 crore from International Finance Corporation (IFC) for the next 5 years for projects related to environmental conservation and climate change management.―DNA India