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BMC set to lose 7000 crore after GST Bill comes into effect

The MCGM is one of Asia’s richest civic bodies who want to maintain its autonomy after the loss of the octroi. The Municipal Corporation of Greater Mumbai (MCGM) will lose around Rs 7,000 crore if the Goods and Services Tax (GST) comes into effect.

The Mayor of the city Snehal Ambekar on Sunday had held a special meeting at Mayor’s Bungalow in Dadar Shivaji Park in the presence of 26 Mayor’s namely – Navi Mumbai, Nasikh, Amravati, Solapur, Kalyan Dombivli, Nanded, Pimpri- Chinchwad, Thane, Sangli and others demanding that the Municipal Corporation should be excluded from GST.

The MCGM is one of Asia’s richest civic bodies who want to maintain its autonomy after the loss of the octroi. The Mayor of the city Snehal Ambekar demanded, “We want a direct compensation from the Centre for the loss, because the GST will lead to affect our budget planning and routine work and projects.”

“The revenue of the civic body is much more than the other states. And if the funds will be reaching late to us from the Centre which will lead to a further delay in carrying out the budgetary work,” added the Mayor.

However, the Chief Minister Devendra Fadnavis assured MCGM that they will be getting its fund after the GST has been implemented. A senior civic official on the condition of anonymity said, “The compensation amount is yet to be finalised, and the civic officials have already started studying and analysing the new techniques to be used to earn the loss money from increasing the property tax, water tax and also solid waste management tax which is in the pipeline from last three years.”

The  MCGM at present, earns Rs 17-20 crore revenue in cash daily.

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