Civic body’s local body tax revenue up 27% in April

NASHIK: The revenue of the civic body through local body tax (LBT) has increased by 27% in the first month of the current fiscal (2014-15), as compared to the earnings through octroi during the same period last year.
On May 22 last year, LBT was introduced in the limits of the Nashik Municipal Corporation (NMC) by replacing octroi. Earlier, octroi was the major source of income of the municipal corporation, as it would account for nearly 62% of its total revenue.
Speaking to TOI, an NMC official said on the condition of anonymity, “The NMC collected Rs 58.86 crore through LBT in April as against Rs 43 crore earned through octroi during the corresponding last year. The total earnings include escort fees of Rs 1.28 crore and 1% stamp duty worth Rs 5.84 crore.”
In the last fiscal, the civic body’s revenue through LBT declined by 12.01% to Rs 612 crore, as compared to Rs 695.51 crore through octroi in 2012-13.
“Our revenue declined in 2013-14 because of the slowdown in the industrial sector, which accounts for 80% of the total revenue through LBT or octroi. Earlier, we would get octroi in cash on the same day. But now, the traders have can pay LBT after 30 days. They have to pay LBT of the previous month between 1st and 20th of the next month. We have set an LBT target of Rs 735 crore for the current fiscal,” the official added.
There are 28,642 traders, who have registered with the NMC for paying LBT.