- Rebate to come into effect after receipt of occupation certificate
- It will make businesses more competitive and provide them with growth opportunities
- Sops to give a massive push to formalise Nav Dharavi’s economy
Dharavi Redevelopment Project Pvt Ltd (DRPPL), a joint venture between the Government of Maharashtra and the Adani Group, today said that eligible industrial and commercial units in redeveloped Dharavi will enjoy benefits, such as a refund of State Goods and Services Tax (SGST), to boost and help formalise local businesses. This is as per the tender conditions.
“Redevelopment will transform the informal nature of businesses in Dharavi and enable them to be a part of the India growth story. To support this transition, the state government has offered tax benefits, like the reimbursement of SGST. This will provide existing and new businesses in Dharavi a robust footing and boost their profitability. It will make the businesses more competitive and give them manifold growth opportunities,” said a DRPPL spokesperson.
The tax rebate will come into effect after the newly constructed buildings receive the occupation certificate (OC).
As per the tender conditions, SGST for industrial and commercial units will be reimbursed by the state government’s Finance Department through the DRP/SRA for five years from the date of issuance of the OC. Eligible industrial and commercial units will have to provide SGST payment details as proof while claiming the refund.
Dharavi encompasses several thousand industrial and commercial units manufacturing garment and leather items. Many are vendors for large national and international brands sold across the world, with turnover estimated to be in millions of dollars. They are keen to formalise their businesses to expand and get a fillip, both locally and globally.
t is DRPPL’s endeavour to transform Dharavi into a globally connected city with commercial and industrial premises, keeping its vibrant and unique entrepreneurial culture intact. Upgrading the lives of Dharavikars, providing economic opportunities, a futuristic education and vocational training, advanced healthcare facilities and a quality lifestyle: all this will be enabled at Dharavi and Nav Dharavi. They will also have community halls, recreational areas, public gardens, dispensaries, and daycare centres for children.
The aim is to not only redevelop Dharavi into a better space but also to ensure a quality lifestyle for residents while maintaining the integrity of its diversity. This transformational project will bring in a major shift that will help set an extraordinary example for similar redevelopment initiatives in any part of the world.
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