New Tax Structure for the Apartments in New Town

The NKDA or New Town Kolkata Development Authority West Bengal will introduce the system of unit area tax structure for the Smart City of New Town within a month. NKDA has fixed the property tax for the New Town area after making the annual valuation of real estate properties. This new tax structure has been framed by a six-member committee. The committee had been led by the NKDA member secretary. The rest of the members were the CEO of NKDA, an administrative officer and a finance officer; the representative of West Bengal Valuation Board and an eminent economist who was nominated by the NKDA. This panel has the tenure of 5 years. On its way of framing the tax structure, the panel had consulted with the top officials of government departments and the local civic bodies with the required knowledge and excellence in the relevant fields. It is believed that this process will help in proper annual valuation of property thereby fixing the exact property tax for the area.

The unit area of tax structure has been already framed up by the valuation board. The property valuation committee has evaluated this new tax structure. Based on the results of evaluation, the draft notification has been issued by the authorities.

Benefits of New Systems of Taxation for the Residents of New Town:-

1. Online tax collection: Along with the implementation of a new tax structure, a web-based system of tax collection will be introduced in New Town. Doing justice to the concept of Smart City, the online tax collection process will do away with the older system of manual submission of house or property tax. So, no need to stand in the queues for hours in the sweltering heat of Kolkata. Filing the property tax will be just a click away process!

2. Treated water supply financed via the water tax: Yes, after seeing the success of the new tax structure for the properties, the authorities will proceed with the collection of water tax. The revenue generated will be used to purify about 100 MGD of water. The water will be supplied from the Water Treatment Plant of Tarulia, very soon.

NKDA has framed this unit area property tax collection system for New Town, going by the methods followed by the KMC to calculate the tax for the constructed property in Kolkata municipal division. The authorities think it appropriate for the concept of Smart City. In the sides of New Town, Bidhannagar Municipal Corporation (BMC) is coming up with a dedicated database for the area of Rajarhat. This area falls outside the jurisdiction of HIDCO. The database will help BMC to frame a tax structure for the real estate property in Rajarhat as per the Salt Lake area.