After several months of mediocre earnings from Local Body Tax (LBT), the Pune Municipal Corporation (PMC) is now confident that it will achieve the revenue target set by the general body and match the octroi revenue of the previous fiscal.
In the first seven months of the financial year, the LBT department has collected revenue of Rs 746 crore, including LBT and one per cent charges on stamp duty. Octroi revenue during the same period last year was Rs 762 crore.
After the state government granted permission to raid trade and business establishments that failed to pay LBT, the PMC began conducting raids last month.
Octroi, property tax and development charges have been the main sources of revenue for the PMC. However, the civic body replaced octroi with LBT this April. Traders who bring goods worth over Rs 5,000 into the city have to register with the civic body
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