TPA opposes levying property tax over capital value

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In a press meet here on Thursday, TPA president V. Sambireddy and secretary M.V. Anajaneyulu said that the State government is reportedly considering the Centre’s direction on taxation

Tax Payers’ Association (TPA) asked the State government not to levy property tax based on the capital value of the property as introduced by the Central government as it would become a huge burden to taxpayers.

In a press meet here on Thursday, TPA president V. Sambireddy and secretary M.V. Anajaneyulu said that the State government is reportedly considering the Centre’s direction on taxation. Also, an appeal not to do so has been made to the Minister for Municipal Administration and Urban Development Botcha Satyanarayana.

They said the Centre urged the State government to impose tax as per floor rate. This means, the local bodies have to follow suit.

Mr. Anajaneyulu said that property tax is levied as per the rental value of a property and with new taxation method, property tax based on the value of the property will increase manifold burdening the common man.

Also, the tax will increase every time the registration department revises the land and property value across the State, he said.

Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link

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