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Revamped Dharavi businesses to get SGST concessions for 5 years

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Revamped Dharavi businesses to get SGST concessions for 5 years

The Dharavi Redevelopment Project Pvt. Ltd., a joint venture of Maharashtra and Adani Group, announced tax benefits for eligible industries and commercial units in Mumbai’s redeveloped Dharavi. The State Goods & Services Tax (SGST) will be refunded for five years to formalize and boost local businesses after the revamp project.

According to the DRPPL, the tax benefits aim to transform the informal nature of businesses in Dharavi and make them a part of India’s growth story. The reimbursement of SGST will provide a robust footing for existing and new businesses, boosting their profitability, competitiveness, and growth opportunities.

Under the tender conditions, eligible industrial and commercial units will have their SGST reimbursed by the state government’s Finance Department through the DRP/SRA for five years from the issuance of the Occupation Certificate (OC). Businesses will need to provide SGST payment details as proof to claim the refund.

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Dharavi is home to thousands of industrial and commercial units producing garment and leather items, with many serving as vendors for national and international brands. The businesses are eager to formalize and expand to tap into local and global markets, as per the DRPPL.

The redevelopment company aims to transform Dharavi into a globally-connected city while preserving its entrepreneurial culture. The revamp will include commercial and industrial premises, modern housing with facilities for existing residents, educational and healthcare facilities, and quality lifestyle amenities in Dharavi and Nav Dharavi, currently known as Asia’s largest slum.

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