Retailers Federation to protest hike in property tax

Mumbai, Jun 22 (UNI) The Federation of Retail Traders Welfare Association (FRTWA) has convened a meeting on June 28 to protest the proposed hike in the Brihinmumbai Municipal Corporation's (BMC) property tax in the forthcoming monsoon session of the State Assembly.

The government is going to introduce a bill in the monsoon session of the Assembly to enable the BMC to introduce new system of property tax on properties in Greater Mumbai.

''The change to the new system will cause a massive increase in the property tax for older properties. The tax on residential properties due to the proposed changes may go even upto 60 times to the present rates,'' an Association release said here today. According to the Association, the burden on commercial premises will be even higher, and could be as much as 3-4 times of the proposed increase for residential properties.

''This way, on commercial premises, the proposed increase may be upto 180-240 time of the present rates,'' the release added.

Calling the proposed hike as a devastating one, particularly for those residing or having business in the metropolis, the Association said that a majority of citizens, including tenants will be adversely affected by the government's move.

UNI