Chennai: The Chennai Municipality Corporation presented its budget 2013-14 and it is Rs 1.1 crore short. The budget stands at Rs 3,630 crore. The Chennai Municipality Corporation’s budget was Rs 2,922 crore in 2012-13. This year it has increased by Rs 707 crore.Yet Chennai Municipal Corporation falls far short of its required amount of revenue that can help it in development of infrastructure. This year it hopes to collect Rs 780 crores from taxes which includes professional and property taxes.The Chennai Municipal Corporation has not revised its property tax for 14 years (ever since its revision in 1998) though by law any municipal corporation is to revise its property tax every 5 years. The Chennai Municipal Corporation will revise its property tax rate this year to come at par with the 6 other metros in the country among which it ranks lowest in revenue collection. This year the Chennai Municipal Corporation collected property taxes of Rs 370 crore which is far less than its required or targeted amount of Rs 558 crore.According to records the number of tax payers has increased from 6.5 lakh to 10.82 lakh with the expansion of the city. A revision in property tax will definitely fetch greater revenue for the Corporation. An official of the Corporation admitted that the additional revenue will help in developing major projects which had been held up or discontinued due to lack of funds. Fall in tax collection has also caused the problems to rise.The revision of property taxes had been held up mainly due to political opposition. The only hope for Chennai Municipal Corporation to collect its required amount of revenue is to increase collection. To this end the Corporation will set up collection centers in all the 200 wards it controls. займ на карту без отказов круглосуточновзять кредит онлайн