Gcc Hikes Taxes Two-fold To Shore Up Revenue, Real Estate News, ET RealEstate
CHENNAI: The company tax, collected from firms during registration, and building licence fee have been doubled by the Greater Chennai Corporation.
While exempting hike for buildings measuring under 100 sq m, for residential buildings above 101 to 400 sq m, the revised tax will be 820 as against the earlier tax of 410.
As for commercial buildings, the fee has been increased to 920 from 460. For residential buildings above 401 sqm, the fee has been hiked from 1,050 to 2,100. In case of industrial buildings, it has been hiked to 2,300 from 1,150.
Meanwhile, company taxes have been hiked three times of the existing value.
Companies with annual investments of less than 99,999 will pay 300 against the existing 100, while companies with investments between 1 lakh to 2 lakh will pay 600 against 200 earlier. Companies with investments higher than 10 lakh will pay company tax of 3,000.
