Telangana govt waives 90% arrears interest on property tax
On wednesday, the telangana government issued orders waiving the ninety percent cumulative arrears interest on property tax, provided that the taxpayer pays the outstanding principal amount by the end of the 2022–2023 fiscal year.
The director of Municipal Administration and the Commissioner of the Greater hyderabad Municipal Corporation (GHMC) asked the government to consider waiving the interest amount. For all properties, including government and private properties, that were located in the ghmc limits and other ULBs under the "One Time Scheme," the government ordered a waiver of 90% of the interest on accumulated arrears on property tax, provided the taxpayer pays the principal amount owed until the Financial Year 2022–2023. It also ordered the waiver of 10% of interest on accumulated arrears all at once (OTS).
This program also applies to taxpayers who paid all of their property tax obligations—including interest and penalties—up until march 2023 in the current fiscal year before it went into effect. Ninety percent of the interest paid in this way will be deducted from future payments. The telangana government on wednesday issued orders waiving off the 90 percent accumulated arrears interest on property tax. Keep watching this space!