New Delhi, Apr 3 (IANS): The New Delhi Municipal Council (NDMC) on Sunday said that it has made a net surplus of Rs 534.71 crore in the Financial Year (FY) 2021-22.

"The results show increased receipts on both revenue and capital accounts. The total receipts are Rs 4,019.08 crore, 5.37 per cent more than the revised estimates for the year," the Department said.

According to the provisional results for the FY 2021-22, the revenue receipts, at Rs 3,494.21 crore, are 4.73 per cent more than its Revised Estimates for the year.

The capital receipts, at Rs 524.87 crore are also 9.84 per cent more than the revised estimates. The major contribution has come from the property tax collections which stand at the highest ever figure of Rs 942.32 crore, 36.41 per cent more than the previous years' collection and 47.6 per cent more than the collections in 2018-19.

"This is in spite of the fact that the NDMC has not increased its property tax rates for the last five years. The NDMC during the year had initiated a drive focusing on realization of past arrears and launch of a new portal for added tax payer convenience," it said in a statement.

These results have been achieved in an otherwise less encouraging economic scenario in the last two years affected by Covid-19.

The NDMC had not increased the tax rates as also extended various reliefs and time extensions to their citizens during Covid times.

Several initiatives like separating DISCOM (electricity distribution) budget, innovative IT initiatives like blockchain and paperless working as also facilitating contractors to submit paperless bills strengthened the organization and resulted in improved performance, the statement added.