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The Nashik Municipal Corporation (NMC) has reinstated the industrial slab for property tax, reducing rates from INR 44 to INR 13.2 per sq. mt per month for industrial units established or expanded after April 2018. This decision reverses a 2018 policy that imposed commercial tax rates, providing relief to around 1,000 industries. The move is expected to lower operational costs, attract investment, and boost employment, making Nashik more competitive with other industrial hubs. Additionally, NMC has approved infrastructure projects worth INR 15 crore. These measures collectively support Nashik's industrial growth and broader economic development.
In a significant decision, the Nashik Municipal Corporation (NMC) has reintroduced the industrial slab for property tax, offering major relief to industries. The revision reduces tax rates from INR 44 per sq. mt per month to INR 13.2 per sq. mt per month for industrial units set up or expanded after April 2018. This move follows an order issued by former NMC chief Ashok Karanjkar last year. Advertisement
The Nashik Industries & Manufacturers' Association (NIMA) welcomed the decision, noting that it will provide relief to approximately 1,000 industrial units. Many of these units were adversely affected by the 2018 policy introduced by then-municipal chief Tukaram Mundhe, who removed the industrial slab and imposed commercial tax rates on new industrial units. While the industrial tax rate was previously INR 5 per sq. mt, industries were charged INR 44 per sq. mt under the commercial slab, leading to significant financial strain.
The reinstatement is expected to have a positive ripple effect on Nashik's local economy. By lowering operational costs for industries, the decision may encourage businesses to expand their presence or establish new units in the region. This could, in turn, generate employment opportunities, supporting local livelihoods and contributing to the city's economic growth. The new policy also positions Nashik as a more competitive industrial destination compared to other hubs in Maharashtra such as Pune or Aurangabad, where property tax rates remain higher.
In a related update, the NMC's General Body has approved various proposals, including roadworks worth INR 15 crore and the procurement of nine trucks at a cost of INR 1.75 crore. These initiatives aim to improve infrastructure, further supporting Nashik's development as a growing industrial and residential hub.
The reinstatement of the industrial property tax slab is a pivotal step toward revitalising Nashik's industrial sector. Balancing the interests of industries, residents, and environmental concerns will be critical as Nashik strives for holistic development. Alongside infrastructure improvements, the city appears poised for significant economic progress.
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