(1)

With effect from the first day of April 1958 and in respect of the period during which the education cess is levied under section 195E, the State Government shall pay to the corporation annually, in lieu of the education cess from which buildings and lands vesting in the State Government are exempted by virtue of clause (b) of the proviso to sub-section (1) of Section 195E (hereinafter in this section referred to as 'the exempted buildings and lands'), a sum ascertained in the manner provided in sub-section (2).

(2)

The sum to be paid annually to the Corporation by the State Government shall be eight-tenths of the amount which would be, or would have been, payable by an ordinary owner of buildings or lands in [Brihan Mumbai], on account of the education cess, on a rateable value [or the capital values, as the case may be,] [These words were inserted by Maharashtra 11 of 2009, Section 31(1), dated 13-4-2009 (w.e.f. 1-4-2010).] of the same amount as that fixed under sub-section (2) [or sub-section (2A)] [These words were inserted by Maharashtra 11 of 2009, Section 31(2), dated 13-4-2009 (w.e.f. 1-4-2010).] of section 144 in respect of the exempted buildings and lands.]

[Street Tax [This heading and Section 195G was inserted by Maharashtra 33 of 1989, Section 10.]