The government of Goa has increased infrastructure and property taxes in a surprise move following the announcement of the budget: 2023-24. The move is expected to generate additional revenue for the government.
The decision to hike taxes has not been well received by the public, with many expressing their dissatisfaction on social media. Some have argued that the government should focus on reducing expenses rather than increasing taxes, while others have pointed out that the timing of the move, which came after the budget announcement, was not fair.
As a result of the increase in taxes, property owners will have to pay more towards their property's annual tax liability. The government has stated that the increased taxes are necessary to fund infrastructure development in the state, including the expansion of highways and bridges, and the construction of new hospitals and educational institutions. CREDAI Goa president Rajesh Sheth also criticised the move, stating: "The members of Credai-Goa are in utter jolt and disbelief. The increase in tax will ultimately have an effect on prices, thereby affecting the affordability of prices." It remains to be seen whether this increase in taxes will affect demand for real estate in Goa, especially in the luxury property sector.
Via: Times of India
Tax Slab for Properties in Goa
