Wed Nov 06 11:35:14 UTC 2024: ## Chennai Corporation to Rake in ₹136.75 Crore in Additional Revenue from Tax Review
**Chennai, November 06, 2024:** The Greater Chennai Corporation (GCC) is set to receive an additional ₹136.75 crore in annual revenue, apart from its regular collection, through a comprehensive review of property, professional, company taxes, and trade licenses. The review, aided by the Geographic Information System (GIS) initiative, has identified numerous tax errors.
The GCC has been actively inspecting commercial properties using GIS data, uncovering thousands of unmatched or under-assessed properties and businesses. While residential properties will be reviewed later, the Corporation already saw a ₹50 crore jump in overall tax collection during the incentive period of October 1 to 30, with a total of ₹372 crore collected in October of FY 2024-25, compared to ₹329 crore in the same month of the previous fiscal year.
The additional revenue demand breaks down to ₹96.52 crore from property tax, ₹36.98 crore from professional tax, and ₹3.25 crore from trade license and company tax. The review has flagged 12,52,775 under-assessed property tax bills, 2,22,626 professional tax bills, and 2,20,995 trade license and company tax bills requiring assessment.
This reassessment initiative is the first in a decade and comes two years after the Corporation completed the GIS survey of commercial properties within its jurisdiction. The GCC is currently verifying the identified tax errors and expects to finalize the reassessments in the coming months.
First Piper 