
No data with MCG on 34 defaulters with 97cr tax dues
Gurgaon: An audit of the MCG joint commissioner's office found that the corporation has no records of 34 property owners who have not paid taxes amounting to nearly Rs 97.2 crore.
Without the details of the owners, there is little action that the corporation can take to collect this property tax, the principal accountant general pointed out in the report for the audit carried out this Feb.
"In the absence of the names of the property owners, chances of serving notices and initiating legal action to such property owners were negligible. There might be very bleak chances of recovery of outstanding property tax from these properties," the report said. It added that "considering the financial interest of MCG", authorities should take up the matter with revenue officials for identifying the property owners.
MCG, the report said, had "failed to take action" to recover taxes from defaulters, leading to accumulation of dues.
You Can Also Check:
Gurgaon AQI
|
Weather in Gurgaon
|
Bank Holidays in Gurgaon
|
Public Holidays in Gurgaon
The auditor also sought explanation from MCG regarding the failure to recover taxes and the lack of enforcement measures against the defaulting owners.
Asked about the report, an MCG official told TOI on Wednesday that the corporation is trying to "retrieve" the records of the defaulters.
Other than stamp duty and advertisement fees, property tax is a key revenue source for the corporation.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Investire è più facile che mai
BG SAXO
Scopri di più
Undo
In the 2024-25 fiscal year, MCG collected Rs 232.9 crore in property taxes. It has projected income from property tax at Rs 275 crore this fiscal year.
According to the audit, there are 120 property tax defaulters, each of whom owes the corporation more than Rs 1 crore. In total, dues from unpaid property tax stand at Rs 280.6 crore, other than Rs 18.4 crore fire tax and Rs 35.6 crore in development charges.
Kuldeep Yadav, a city councillor, said it was "unacceptable" that such a massive sum of taxes has not been collected. "The audit report's findings are a scathing rebuke of MCG's inability to fulfil its basic responsibilities. It is clear that MCG has been asleep at the wheel, allowing tax evaders to go unpunished while the public suffers. Heads should roll over this scandalous dereliction of duty," he said.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Indian Express
8 minutes ago
- Indian Express
ExplainSpeaking: The truth about poverty in India
Dear Readers, Over the past few months, there's been a flurry of news about India's poverty rate, or the ratio of people who are considered officially poor. First, on April 25, the Government of India came out with a press release titled 'India's Triumph in Combating Poverty', where it used the World Bank's 'Poverty and Equity Brief' of April 2025 to state that '171 million lifted from extreme poverty in 10 years'. Then, earlier this month, the World Bank came out with an update on the methodology and level of its poverty line and stated that just 5.75% of Indians now live under abject poverty — down from 27% in 2011-12. There are two key takeaways. One, according to new WB estimates, India's poverty levels in the past were actually lower than previously estimated (see TABLE 1). For instance, in 1977-78, India's poverty level was not 64% but 47%. The dialling back of poverty rates continues through the decades. The second key change in the WB update was the adoption of a new poverty line — $3 a day — and according to this new income level, the proportion of Indians living in abject or extreme poverty has fallen from 27% in 2011-12 (around 344.4 million or 34.44 crore Indians) to just under 6% (around 75.22 million or 7.5 crore) in 2022-23. As heartening as this news is, there are several common misconceptions about how to read this data, what it actually means and why many question it. For instance, when you look at the $3-a-day poverty line, do you multiply it by 85 (the current market exchange rate between the US dollar and Indian rupee) to arrive at Rs 255 a day as the income level for ascertaining whether an Indian is poor or not? If you do that, you are mistaken because the $3 poverty line is calculated on a purchasing power parity (PPP) basis, and the conversion rate to Indian rupee is not 85 but 20.6. Simply put, it is the level of income used as a cut-off point for deciding who is poor in any economy. It is important to note here that the context (both time period and location) is critical to arriving at a meaningful poverty line. For instance, an Indian receiving a salary of Rs 1,000 a month may not have been considered poor in 1975, but today that income (Rs 33 a day) will barely buy anything. Similarly, a monthly salary of Rs 1,00,000 (or Rs 3,333 a day) in today's Patna will be comfortable for a person to live by, but the same salary in Paris or New York may not buy the same lifestyle. Since there is no one level of poverty — what is a comfortable level for one is just okay for another and barely enough for the third — one can create several poverty lines to match the context and analytical use. Governments, especially in developing and poor countries, want to identify the extent of poverty in their countries. This has two uses. One, to help them gauge the extent of poverty and shape welfare policies for the poor. The second use is for governments, policymakers and analysts to understand whether a set of policies has actually worked over time to reduce poverty and improve wellbeing. Historically, India had been a leader in poverty estimation and India's poverty line methodology and data collection influenced the rest of the world in how to study poverty. However, India's last officially recognised poverty line was in 2011-12. It was built on a 2009 formula suggested by a committee led by noted Delhi School economist Suresh Tendulkar. Since then, there has been no update on the method. In 2014, a committee led by former RBI Governor C Rangarajan was commissioned to provide a new method, but this recommendation was never officially accepted. Since then, thanks to gaps and changes in relevant data collection, India has increasingly used either the Niti Aayog multidimensional poverty index (which is fundamentally different in how it measures poverty) or relied on the World Bank's poverty line. As explained, poverty lines make sense only when they can capture the context, like the purchasing power at a particular time and place. That is why for WB's poverty line to make sense, it has to be based on the purchasing power parity calculations. The first-ever poverty line was set at a dollar a day. Here's how it came about: 'In 1990, a group of independent researchers and the World Bank examined national poverty lines from some of the poorest countries in the world and converted those lines into a common currency by using purchasing power parity (PPP) exchange rates. The PPP exchange rates are constructed to ensure that the same quantity of goods and services are priced equivalently across countries. Once converted into a common currency, they found that in six of these very poor countries around the 1980s the value of the national poverty line was about $1 per day per person (in 1985 prices). This formed the basis for the first dollar-a-day international poverty line,' according to the World Bank. Over time, as prices went up in every country, the WB had to raise its poverty line. In June, they have now raised it to $3 a day. The PPP exchange rate for Indian rupees in 2025 is 20.6. As such, the poverty line delineating abject or extreme poverty for an individual in the US is an income of $3 a day, while for India it is Rs 62 a day. For the UK, the PPP conversion rate is just 0.67, while for China it is 3.45 and for Iran it is a whopping 1,65,350. India's own (domestically formulated) poverty line in 2009, before the Tendulkar recommendation, was Rs 17 a day per person for urban areas and Rs 12 a day per person for rural areas. In 2009, Tendulkar raised the poverty line to Rs 29 per day per person in urban areas and Rs 22 per day per person in rural areas, and later to Rs 36 and Rs 30, respectively, in 2011-12. In 2014, Rangarajan recommended raising the domestic poverty line to Rs 47 per person per day in urban areas and Rs 33 in rural areas. Many economists, such as Himanshu, professor of economics at the Jawaharlal Nehru University in New Delhi, and someone who worked with Tendulkar during the formulation of the last official poverty line, have written extensively on the subject. He showed how, in the absence of a robust and updated domestic poverty line and given the gaps and changes in data collection, India's poverty estimates exhibit wide variation, creating both confusion and controversy (see TABLE 2). Poverty in India could be as low as 2% or as high as 82% depending on the choice of poverty line and methodology. The same trend of variation exists in the reduction in poverty rates — they could be steep or fairly gradual. Upshot Bizarre as it may seem, especially for a country with so many people at low levels of income and consumption, as well as a country with an enviable record of studying poverty, India's poverty lies in the eyes of the beholder. How do you know if a person is poor or not? How many are poor? Should one quote 5.75% who live in abject poverty (Rs 62 a day)? Or look at 24%, the poverty line for 'lower middle-income countries' such as India? Should one consider 20% as the rate, the proportion of Indians who voluntarily line up to offer labour instead of a paltry amount? Or 66% who are provided free food by law? TABLE 3 attempts to provide some context on the World Bank's poverty lines and how they compare with India's reality as evidenced by official government surveys and data. Earlier this year, when the Union Budget was unveiled, the government waived off all income tax for those earning an income upto Rs 12 lakhs per annum — that works out to be Rs 3,288 per day. In essence, the government believes that imposing any income tax on such an Indian will be overtaxing them and holding back their consumption and the growth of the broader economy. There are two ways to look at the WB data, although they are not mutually exclusive. One, to celebrate the reduction in the proportion of Indians living in what is defined as abject poverty ($3 or Rs 62). Two, to give ourselves pause to understand the actual state of economic well-being (or the lack of it) of an average Indian when as many as 83% of Indians are living off Rs 171 a day. Remember, these poverty lines are inclusive of all income or expenditures. How much did you spend or earn today? Share your views and queries on Take care, Udit Udit Misra is Deputy Associate Editor. Follow him on Twitter @ieuditmisra ... Read More


Time of India
14 minutes ago
- Time of India
Nestle India rewards shareholders: Board approves 1:1 bonus issue; first in nearly 30 years
Nestle India approves 1:1 bonus shares issue NEW DELHI: Nestle India's board on Thursday approved the issuance of bonus equity shares in a 1:1 ratio. The company, in a regulatory filing, announced that the bonus equity shares with a face value of Re 1 each will be issued in full to shareholders holding equity shares of the same face value. "The record date for determining the entitlement of the members of the company to receive bonus equity shares will be announced in due course," the company stated, as quoted by PTI. The move follows the company's earlier disclosure on June 19, when it announced its intention to consider a bonus share issue. Outgoing Chairman and Managing Director Suresh Narayanan, addressing shareholders at the AGM, said, "...the board of directors have declared a bonus of one equity share, or one equity share held..., which is subject to the approval of the members in the EGM to be held on 24th July, 2025." This is Nestle India's first bonus share issue since 1996 and comes after the recent share subdivision and listing on the National Stock Exchange (NSE) in 2024. The issuance is expected to benefit over 1.6 lakh small shareholders, most of whom hold fewer than five shares—a group that has long awaited such a move. The company described the decision as a gesture of appreciation toward shareholders, stating it was intended to "recognise shareholders' consistent support throughout their growth journey." Following the announcement, the company's stock rose by nearly 1 per cent in morning trade. Shares were last seen trading at Rs 2,426.95 on the BSE, up 0.94 per cent. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now


News18
14 minutes ago
- News18
Ellenbarrie Industrial Gases IPO Closes Today: Check Subscription Status, GMP Today
Last Updated: The GMP of the Ellenbarrie Industrial Gases IPO currently stands at 4.75%, indicating flat listing or small gains for investors. Ellenbarrie Industrial Gases IPO: The initial public offering (IPO) of Ellenbarrie Industrial Gases Ltd is going to be closed today, Thursday, June 26. The issue has received a muted response amid subdued GMP. Till 11:58 am on the final day of bidding on Thursday, the Rs 852.53-crore IPO received a 0.85 times subscription, garnering bids for 1,26,33,354 shares as against the 1,26,33,354 shares on offer. The retail and NII participation stood at 0.58 times and 1.85 times, respectively. Its qualified institutional buyer (QIB) category got a 0.56 times subscription. Ellenbarrie Industrial Gases IPO Lot Size & Price Investors need to apply for a minimum of 37 shares or in multiple of that thereof. The price band of the IPO is in the range of Rs 380 to Rs 400 per share. Based on that, the minimum investment required to apply for the IPO is Rs 14,800. Ellenbarrie Industrial Gases IPO Key Dates The IPO was opened on June 24 and will be closed on June 26. Its allotment will be finalised on June 27, while listing will take place on both BSE and NSE on July 1. According to market observers, the GMP of the IPO currently stands at 4.75%, indicating flat listing or small gains for investors. The GMP is based on market sentiments and keeps changing. 'Grey market premium' indicates investors' readiness to pay more than the issue price. The initial public offer (IPO) is a combination of a fresh issue of shares worth Rs 400 crore and an offer for sale (OFS) of 1.13 crore shares valued at Rs 452.53 crore at the upper end of the price band by promoters – Padam Kumar Agarwala and Varun Agarwal. This aggregates the issue size to Rs 852.53 crore. Proceeds from the fresh issue to the extent of Rs 210 crore will be used for payment of debt, Rs 104.50 crore to set up an air separation unit at its Uluberia-II plant in West Bengal, and a portion will be used for general corporate purposes. Ellenbarrie Industrial Gases has raised Rs 256 crore from anchor investors. Ellenbarrie manufactures and supplies industrial gases, dry ice, synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas, welding mixtures, and speciality gases catering to a wide range of industries. The shares will be listed on the BSE and NSE. Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are the book-running lead managers to the issue.