Chennai Corporation surpasses its tax collection goal, collecting Rs 2,218cr

For the fiscal year 2023–24, Chennai Corporation collected Rs 2,218 in property and professional taxes, exceeding both its goal and the amount collected the previous year. Of the total income received, property tax accounted for 1,642 crore and professional tax for 567 crore.

Approximately 51% of the corporation’s income comes from professional and property taxes. A revised estimate of Rs 2,180 crore (Rs 1,680 crore property tax and Rs 500 crore professional tax) was collected in taxes during the previous fiscal year.

With Rs 113 crore in professional tax and Rs 327 crore in property tax, Kodambakkam topped the list of zones in terms of tax collection. Property taxes brought in Rs 215 crore from Royapuram and Rs 96 crore from professional taxes in Adyar. In 2022–2023 there was a rise in property tax collection of Rs 86 crore (Rs 1,556 crore), while professional tax collection climbed by Rs 38 crore (Rs 529 crore). For the fiscal year 2024–2025, the company aims to collect Rs 550 crore in professional taxes and Rs 1,750 crore in property taxes.

Sources claim that the company has also been able to recover tax arrears from defaulters totaling Rs 250 crore. “Compared to the last fiscal year, tax collection is much better. A senior company official said, “We are hoping to complete tax arrears in a few months, but tax arrear collection is still ongoing.”