 "Dharavi Redevelopment Project")
Business units in Dharavi will be able to enjoy a slew of benefits, including State GST refunds, once the redevelopment of the financial capital's largest slum is complete.
The Dharavi Redevelopment Project (DRP), a joint venture between Adani Group and the Maharashtra government, on Monday said this is a move to formalize local businesses and the tax sops are as per the tender conditions for the ambitious project.
In a statement, DRP said eligible industrial and commercial units in redeveloped Dharavi will get SGST refunds for five years from the date of receipt of occupation certificate of the newly constructed buildings.
A DRP spokesperson said the multi-thousand crore redevelopment project is set to transform the informal nature of businesses and added that the tax benefits will help both existing and new businesses become more competitive.
SGST will be reimbursed by the state government's finance department and the business units will have to provide SGST payment details as proof while claiming the refund.
The Dharavi slum is home to thousands of enterprises engaged in a variety of sectors, including leather tanneries, pottery. The DRP statement said many domestic and international brands source their goods from units in Dharavi and the overall turnover from the business activity is estimated to be millions of dollars.
DRP said it is aiming to transform the slum into a globally connected city with commercial and industrial premises without hurting the entrepreneurial culture.
"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," the statement said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
