Revenue Minister Chandrashekhar Bawankule said the annual NA tax has been completely scrapped and will no longer be applicable to any old or new construction in urban areas.
The Maharashtra government has abolished the non-agricultural (NA) tax on housing societies in urban areas and waived all pending dues, Revenue Minister Chandrashekhar Bawankule announced in the State Assembly.
The decision means NA tax will no longer apply to any old or new construction in cities. The government has also introduced a simplified conversion tax system and a one-time payment option for larger developments. The move is expected to provide major financial relief to housing societies and thousands of flat owners across the state.
The minister also informed the House that a simplified system has been introduced regarding the conversion tax. Under the revised norms, constructions carried out before 2001 will be charged 0.10% of the 2001 ready-reckoner rate for up to 1,000 sq m.
For larger developments, a one-time payment facility has been introduced. A rate of 0.25% will be applicable for areas up to 4,000 sq m, while 0.15% will be charged for areas exceeding one acre.
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