(1) The base year revenue for the Municipal Corporation of Brihan Mumbai shall be the revenue collected by it in the base year, net of refunds, with respect of octroi levied and collected under the erstwhile entry 52 of List-II (State List) of the Seventh Schedule to the Constitution of India, as it stood prior to bringing into effect the provisions of the Constitution (One Hundred and First Amendment) Act, 2016.
(2) The base year revenue for a local authority other than Municipal Corporation of Brihan Mumbai, shall be the revenue of the base year, net of refunds, with respect to entry tax, octroi, local body tax, cess or any other tax levied and collected under the erstwhile entry 52 of List-II (State List) of the Seventh Schedule to the Constitution of India, as it stood prior to bringing into effect the provisions of the Constitution (One Hundred and First Amendment) Act, 2016 :
Provided that, if the local authority is notified after the financial year ending on the 31st March 2016, then the base year revenue for that local authority shall be specified by the State Government.
Explanation.- For the purposes of this Act, an amount the local authority is eligible to receive, on account of abolition of local body tax in respect of an importer having turnover not exceeding rupees 50 crores per annum from the 1st August 2015, shall form part of the base year revenue.
(3) The base year revenue for the purpose of this section shall be as audited by the Local Fund Accounts Audit of the State.