Luxury tax rate revised for residential buildings

The State government has revised the luxury tax rate for residential buildings.

The new rates are as follows: 3,000 to 5,000 sq ft ₹4,000-₹10,000; 5,001 to 7,500 sq ft ₹6,000; 7,501 to 10,000 sq ft ₹8,000; above 10,000 sq ft ₹10,000.

The government hopes to generate an additional revenue of ₹50 crore. It has also decided to levy one-time building and luxury tax on completed constructions based on the plinth area of the building when the plan is submitted for approval.

The government has also dispensed with affixing of ₹5 court fee stamp on applications and filed before the Revenue department.

The government has increased by 5% the fee charged by the Revenue Department for various services. It has also offered a one-time settlement scheme for organisations and institutions, including private member clubs, which owe the State, collectively, an estimated ₹1,155.31 crore.

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Printable version | Dec 7, 2021 11:59:18 AM |

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