Kolkata Property Tax Interest Waiver from October

The Kolkata Municipal Corporation (KMC) will roll out the new interest waiver scheme on property tax from October 1. Under the scheme, a defaulter, who has not paid his share of property tax till March 31, this year, can apply for waiver of interest on unpaid amount from October 1. If a defaulter applies for such waiver and pays the full outstanding amount by February 2021, he/she will be entitled to a 100% waiver on interest on the unpaid amount. If a tax payer applies for the waiver scheme after a passage of five months and pledges to pay the full amount, he/she will be given a 60% waiver. The scheme will expire in May 2021. Desperate to compensate for the loss of property tax revenue during a prolonged lockdown period, the KMC authorities had in July decided to offer a total interest waiver to the defaulters. A proposal in this regard was sent to state government for approval. According to a KMC revenue department official, the desperation to mop up revenue for clearing dues to contractors and keep the essential services going necessitated the introduction of the new waiver scheme.