The Brihanmumbai Municipal Corporation (BMC), known as India’s richest municipal corporation, presented its budget on Wednesday, February 3. BMC has presented a budget of Rs 39038.83 crore for the year 2021-22. This time the budget has been presented with the highest fund ever.BMC had presented the budget of Rs 33,441 crore last time.BMC has increased the budget by 16.74% this time as compared to last year.
Property tax waived on 500 sq ft house
According to the announcement made by the government in the budget of this time, a step was also taken regarding the waiver of property tax. BMC has given a big relief to Mumbaikars with the announcement of waiving property tax on houses up to 500 sq ft. BMC was expected to get a revenue of Rs 28448.30 crore in the year 2020-21. However, revenue of only Rs 22572.13 crore was received. BMC has incurred a loss of Rs 5876 crore this time.
Budget 2022: TDS on crypto will give Rs 1000 crore income to the government
Funds increased for the ambitious project Coastal Road
For its ambitious project Coastal Road, BMC has made a provision of Rs 2000.07 crore in this budget by increasing the fund, whereas in the last year i.e. 2020-21, a provision of Rs 1500.01 crore was made. A provision of Rs 1,300 crore has also been made for the Goregaon to Mulund link road in the suburban area of Mumbai.
Property tax exemption for Mumbai hotel owners
BMC has also provided relief for the hotel industry most affected by the Corona epidemic. In view of the cooperation received by the BMC administration from the hotel owners during the epidemic, this time they have been given concession in property tax. On the other hand, by reducing the 10% increase in the form of advertisement hoarding charges in the month of January every year, this time it has been increased only by 5%.
BEST, which is called the second lifeline of Mumbai after the local train, got the package
Local trains and BEST buses are called veins and arteries of Mumbai. In this context, BMC’s favor has fallen on Mumbai’s second lifeline BEST buses. According to this budget, BMC will give Rs 750 crore to BEST. It has also been proposed to provide financial assistance of Rs 50 lakh to the families of BEST employees who lost their lives on duty during COVID. A separate provision of Rs 100 crore has been made in the budget to compensate the affected people to avoid any kind of problem in the infrastructure project.
,