Chennai: Chennai Corporation is all set to create an all-time high record of collecting Rs 700 crore as tax.

The demonetisation drive during which the corporation accepted old currency denominations and the 10 per cent increase in collection of commercial tax had helped the civic body to attain a whopping Rs 650 crore collection.

With nine days to go for the March 31 deadline, the corporation is eyeing revenue receipt of another Rs 50 crore, revenue department sources told DC.

It has been more than 15 years since tax rates were revised. If revised, the corporation’s annual tax revenue will easily surpass Rs 1,000 crore, sources added.

“We are also planning to collect tax from vacant plots now converted in to parking lots and also the buildings that have rented their terrace for cell phone towers.

There is a litigation pending in the court and if cleared the civic body will get additional revenue of Rs 100 crore,” a corporation official said. However, the activists are not buying the corporation’s theory that tax rates had not been revised in the past few decades. Corporation has created new categories while fixing property tax.

Malls, multiplex, hospitals and marriage halls are now special buildings with additional tax rates. Further, residential areas are now getting urbanized with commercial buildings coming up. This makes the job easy for tax collectors, where the residential tax slab gets converted into commercial slabs and this is more than enough for corporation to make extra money, explains civic activist T. Solomon.