Businesses rehabilitated in Mumbai's Dharavi following its redevelopment will get a refund of State Goods and Services Tax (SGST) for five years. This will provide a boost to the local economy, said Dharavi Redevelopment Project Private Limited, a joint venture between the Maharashtra government and the Adani Group.
The rebate, which will come into effect after the receipt of the occupation certificate, will make businesses more competitive and provide them with growth opportunities, said the DRRPPL.
“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,” said a DRPPL spokesperson.
SGST will be reimbursed by the state government's Finance Department for five years from the date of issuance of the OC, the company said, adding that the sops will give a massive push to formalise Nav Dharavi's economy.
Dharavi, Asia's largest slum spanning over 250 hectares, is being redeveloped by the Adani Group to provide flats to eligible residents, schools, community halls, and hospitals.
Thousands of industrial and commercial units manufacturing garment and leather items function in the area. Many are vendors for large national and international brands sold across the world, with a turnover estimated to be in millions of dollars.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
Featured Video Of The Day
Adani Group, Google Announce Tie-Up To Supply Clean Energy In India 3 Adani Group Firms Join World Economic Forum Initiative On Decarbonisation Adani Total Gas Gets $375 Million Financing To Expand Distribution Network "Hit The Nuclear First": Donald Trump's Big Warning To Iran The Shocking Reason Hate Preacher Zakir Naik Walked Off Stage In Pakistan Maharashtra Deputy Speaker Jumps Off 3rd Floor Of Secretariat, Lands On Net More Israeli Strikes Pound Beirut After Fresh Warning From Iran: 10 Points Madhya Pradesh Court Rejects Man's Plea Over Offensive Remark On Lord Ram Elon Musk's X Pays $5.2 Million Brazil Fines But To Wrong Account Track Latest News Live on NDTV.com and get news updates from India and around the world.