Are you a property owner residing in Hyderabad? Do you think that you need to be abreast of the latest news and views pertaining to existing and upcoming taxation breakthroughs? You bet you do.
GHMC actually stands for Greater Hyderabad Municipal Corporation. GMHC happens to be like an autonomous civic body that intends to look after various civic duties as well as crucial taxation matters in Hyderabad. GMHC has definitely laid out some particular laws and norms to be followed.
Property owners have to be fully aware of the essential trends related to property taxes. You will find that tax assessment as part of GHMC comes or pops up as a flawless one. It is in fact as essential as LRS as well as PTI.
Why is GHMC Property Tax Levied?
GHMC property tax is levied in the Municipal areas of Hyderabad with a view to implementing the best possible reforms in the civic life. It is levied to ensure that people living in the precinct of this place get to live a highly standard lifestyle.
With the proper implementation of GHMC taxation, government seeks to ensure that local roads, civic amenities, public properties, institutions, offices as well as all other crucial parts of the society tend to remain in pitch perfect condition.
Also Read: Complete Guide on Income from House Property
GHMC is the most important resource for the local government of Hyderabad. It is a powerful and crucial fund which is used by the government to meet up with various fiscal needs of the moment in a very efficient manner.
What you need to know about GHMC Property Tax?
There are vital aspects pertaining to GHMC property tax that you need to be wary of. Here is a strong and unbiased info base on what you really need to know.
The taxation is supposed to be slated for both residential as well as commercial properties. You can check out the difference between the tax patterns by taking the tax calculator in stride.
As it comes to GHMC you cannot choose to go easy on grabbing the information part. Check out a few facts:
How to Pay GHMC Property Tax Online?
It is surely a great incentive that you can get with this kind of a tax pattern. While opting for GHMC property tax payment options you can choose to stay indoors and can still get the job done. Payment options are available both in NEFT as well as RTGS.
To make payment of property tax you need to visit the official GHMC website here: https://ptghmconlinepayment.cgg.gov.in/PtOnlinePayment.do
You are required to enter your PTIN/ASMT (Property Tax Identification Number) to check the Dues.
While working on this taxation, you will be required to give enough time to check the arrears. It is likely to be treated as a mandatory aspect in this concern. You can choose to embrace the authentic advice of a tax consultant to avoid hassles.
There is absolutely no way that you are going to miss out on them. Time and again special notices would be sent to you. Time and again you might have to confront demand notices as well other forms of notifications.
GARV (Gross Annual Rental Value):
In order to get the best incentive as well as the best output out of the taxation, you will be advised to be abreast of the content and the ancillary aspects of Garv. It stands for gross annual rental value. In general it is 17% to 30%. In this regard you should also consider the other aspects of the taxation such as depreciation tax which is close to 10% and library cess which is close to 8% in total.
One of the best and the most attractive incentive of this taxation is that you stand a chance to get access to easy assessment. It is likely to be treated as a completely no hassle process for sure.
The assessment process is very important for the people of great Hyderabad. As the rule has it, the entire assessment procedure is to be carried out by a few highly specialised professionals. In general, this duty is performed by the tax inspector, assistant Municipal commissioner or valuation officer. All these people make you pretty sure that you can get your ease while trying to deal with the various types of hassles related with taxation or property taxes.
This number is a highly confidential and vital number related with GHMC property tax. You have to be abreast of the number in this regard. It is also going to help you a lot in connection with self assessment part as well.
GHMC Concession and Exemption Provided to NGO
It is a powerful and thought provoking aspect pertaining to GHMC property tax that you are supposed to have a considerable amount of exemption as property owners. The exemption is provided to entities that fall into the category of NGO. Apart from that religious institutions also form part of this policy. If you happen to be an ex military personnel then also you have to be furnished with this option of exemption. You will be elated to know that there is even a special provision of 50% concession along with this specific property tax.
In order to get thorough and clear with the various crucial aspects, it is highly appreciated if you are in full knowledge of the special notice systems associated with the taxation pattern.
It is in your best interests to be abreast of the latest news and happenings in the field of GHMC property taxes. By doing so, you can get your chance to win a worthwhile deal in the Fringe of the real estate. Taking the multiple aspects of GHMC property taxes into consideration, it can probably be safely wagered that it is more about pros than cons. The people of Hyderabad would definitely be on the winning side while making the payment on their respective property taxes.