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Demonetization impact: GHMC witnesses surge in Tax collection
The Greater Hyderabad Municipal Corporation (GHMC) revenues have witnessed an escalation this November compared to the corresponding period last year.
The Greater Hyderabad Municipal Corporation (GHMC) revenues have witnessed an escalation this November compared to the corresponding period last year.
Post demonetization, the public faced woes over the exchange of old Rs 500 and Rs 1,000 but with the Civic Body's announcement that it would accept the defunct currency, people cleared the tax arrears taking this as a huge opportunity.
Due to this, the GHMC revenues went up by 2,500 percent. Analysing the tax receipts at urban civic bodies, the Finance Ministry said that the revenues in cities skyrocketed by Rs 1,722 crore in November while the same period last year witnessed Rs 489 crore.
With Hyderabad taking a 2,500 percent surge, it was followed by North Delhi with 2,432 percent jump. Surat was next with 2,314 percent increase and Rajkot at fourth position with 1,275 percent increase.
Hyderabad also topped the list once again in cash flow with a record of Rs 206 crore in November.
