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Hyderabad: Plug loopholes in tax collection, achieve annual targets says Revanth Reddy
Market value of lands, revision of stamp duty, GST collection are focus points to increase revenue generation
Hyderabad : Increase of the market value of lands and properties, revision of stamp duty and plugging of the loopholes in the GST collection are some of the initiatives of the state government to increase revenue generation.
Chief Minister A Revanth Reddy, who held a review meeting with revenue generation departments on Thursday, decided that the Stamps and Registration department would take up a scientific study to revise the market value of lands and increase the value based on the actual price of the properties. This would help increase revenues which are bring generated through property sales. The last increase in the market value of land and registration charges was in 2021. The government felt that still a huge difference between the market value of the land and the selling price exists at many places.
The CM also asked the Stamps and Registrations wing to follow a scientific method in the finalization of the market values of the lands depending on the areas, and on categorization of agriculture lands , vacant lands, plots and apartments.
He felt that the revision of market value of land would also help in promoting the real estate and construction sector along with increasing the state revenues. He also asked the officials to study the stamp duty collected in other states.
In a bid to achieve the revenue targets, the Chief Minister also instructed the top officials to prepare an action plan to increase tax revenue and achieve the targets in accordance with the annual target and introduce reforms in the tax collection.
The Chief Minister expressed his displeasure over not achieving revenue targets in the last financial year. He instructed the officials to review tax revenues and collections every month. The officials have been asked to set monthly targets and work hard to achieve the annual revenue targets.
Revanth Reddy warned of strict action against those who evaded the GST. The Commercial Tax officials have been asked to conduct field inspection and audit the tax collections to increase revenue from the GST. The CM also questioned the Excise officials for not achieving the revenue targets despite the liquor sale being high during the election season in the last financial year. The CM ordered the officials to crack a whip against liquor smugglers and tax evaders.
