The decision of the civic body to extend the deadline to accept old Rs. 500 and Rs. 1,000 notes have helped in achieving higher tax collection.
On November 8, the civic body registered 43 per cent tax realisation.
The tax revenue for the civic body included property tax, water charges, fee other than taxes, vacant land tax, professional tax, miscellaneous charges and service tax. The Corporation was even contemplating steps to disconnect the drinking water connections of habitual defaulters.
On November 8, the Corporation’s tax revenue never looked healthy as the third quarter of the fiscal was almost nearing completion and hardly another 140 days to go for the fiscal year to end.
However, the announcement on demonetisation of Rs. 500 and Rs. 1,000 came as a shot in the arm for the civic body. It used the grace period given by the Government of India to make the tax payers fall in line.
The decision to extend the period till November 14 has helped the civic body as well as the public.
On November 9 alone, the civic body collected Rs. 50 lakh and till November 9, the realisation was Rs 2.10 lakh and the total percentage was 43. Once, the acceptance of demonetised currencies were announced the tax realisation graph witnessed a steady upward trend.
On November 11 alone, the civic body netted close to Rs. 11 crore and on November 12, when the tax counters remained opened despite being a holiday, the revenue stood at Rs 4.70 crore. In just two days tax the revenue witnessed a quantum jump of seven per cent and touching a 50 per cent mark, pointed out K. Vijayakarthikeyan, Special Officer and Commissioner of Coimbatore Corporation.
The higher rate of realisation always used to be only during the months of February and March, when the fiscal year draws to a close, officials pointed out.
