GVMC officials project ₹4,029 cr. revenue, ₹4,053 cr. expenditure
The Hindu
Plan to generate revenue receipts to the tune of ₹1,693.35 cr.
In the year 2021-22, Greater Visakhapatnam Municipal Corporation (GVMC) has projected an income of ₹4,029.73 crore, while the projected expenditure is about ₹4,053.62 crore. With an opening balance of ₹225.61 crore, the GVMC intends to end the year with a closing balance of ₹201.73 crore. Coming to the receipts, the GVMC intends to generate revenue receipts to the tune of ₹1,693.35 crore and capital receipts of ₹2,336.38 crore. On the expenditure side, the GVMC has projected revenue expenditure of ₹1,402.22 crore and capital expenditure of ₹2,651.40 crore. In revenue generation, the corporation has earmarked about ₹450 crore in the form property tax and ₹237 crore in assigned revenue. It has also earmarked revenue generation of about ₹188 crore through Building Penalisation Scheme and Building Plan Approval. The GVMC also expects about ₹23 crore in the form of service charges and about ₹50 crore in the form of vacant land taxes. A total of ₹275 crore has been earmarked for bulk and semi-bulk water charges, while ₹60 crore revenue is expected from tap rate charges.More Related News