Adani Dharavi project: When Dharavi, the largest slum in the financial capital, is fully redeveloped, business units will benefit from a number of initiatives, including State GST refunds.
This is a step to formalize local businesses and the tax breaks are in accordance with the tender conditions for the ambitious project, according to the Dharavi Redevelopment Project (DRP), a joint venture between the Adani Group and the Maharashtra government, which announced this on Monday.
DRP announced in a statement that SGST refunds would be granted to eligible commercial and industrial units in the redeveloped Dharavi area for a period of five years starting on the date the occupation certificates of the newly built buildings are received.
A spokesperson for the DRP stated that the multi-thousand-crore redevelopment project is expected to change the informal nature of businesses and added that the tax benefits will boost the competitiveness of both new and existing businesses.
The business units will need to submit proof of SGST payment when requesting the refund, as the state government’s finance department will cover the cost of SGST.
Also Read | Adani Group’s Related News
Thousands of businesses operating in the Dharavi slum are involved in a range of industries, such as pottery and leather tanneries. According to the DRP statement, units in Dharavi supply goods to numerous domestic and international brands, with an estimated million dollars being spent on business activity overall.
According to DRP, its goal is to improve the commercial and industrial spaces while maintaining the entrepreneurial culture, thereby transforming the slum into a globally connected city.
The statement emphasized the goal of revitalizing Dharavi to create a superior environment and enhance residents’ quality of life while preserving its diverse character.
ALSO READ: Crude Oil prolongs trading losses in early Asia
