Mumbai, Feb. 26 (IANS) Eligible industries and commercial units in Mumbai’s redeveloped Dharavi will be entitled to enjoy several benefits, including a refund of State Goods & Services Tax (SGST) for five years, the Dharavi Redevelopment Project Pvt. Ltd., a joint venture of Maharashtra and Adani Group on Monday announced.
The tax concession would majorly help boost and formalise the local businesses and is part of the tender conditions, and would be effective after the newly constructed buildings get the Occupation Certificate (OC) after the revamp project.
“The 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,” the DRPPL said.
They will provide the existing and new businesses in the refurbished Dharavi a robust footing, boost their profitability, make the businesses more competitive and give them manifold growth opportunities, it added.
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 for five years.
Dharavi encompasses several thousand industrial and commercial units manufacturing garment and leather items, and 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, said the DRPPL.
“It 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 people of Dharavi, 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,” the redevelopment company said.
It added that there will also be community halls, recreational areas, public gardens, dispensaries, and daycare centres for children of Nav Dharavi, which will rise from what is now recognised as the biggest slum of Asia.
The DRPPL is a special purpose vehicle formed to revamp Dharavi with a ‘human-centric approach’, provide the existing residents with modern housing with all facilities, yet preserve their inherent entrepreneurial spirit.
–IANS
qn/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
