The state government in Hyderabad is taking steps to increase revenue generation by raising the market value of lands and properties, revising stamp duty, and improving GST collection. Chief Minister A Revanth Reddy recently met with revenue departments to discuss these initiatives.
During the meeting, it was decided that the Stamps and Registration department would conduct a study to revise the market value of lands based on actual property prices. This adjustment aims to bridge the gap between market value and selling price, ultimately boosting revenue from property sales.
The CM instructed officials to use a scientific approach in determining market values based on different types of lands such as agriculture lands, vacant lands, plots, and apartments. The goal is not only to increase revenue but also to stimulate growth in the real estate and construction sectors.
To meet revenue targets, the Chief Minister directed officials to develop an action plan for increasing tax revenue and implementing reforms in tax collection. He expressed disappointment over missing revenue targets in the previous financial year and emphasized the importance of monitoring collections monthly.
Revanth Reddy also warned of strict action against those evading GST, instructing Commercial Tax officials to conduct field inspections and audits. Despite high liquor sales during the election season, Excise officials failed to meet revenue targets, prompting the CM to crackdown on liquor smugglers and tax evaders.
In summary, the state government is focused on enhancing revenue generation through various measures such as adjusting market values, improving tax collection processes, and cracking down on tax evasion. These efforts aim to boost overall revenue and promote economic growth in key sectors.
