Union Finance Minister Nirmala Sitharaman has promised to look into the complaints of income tax sleuths frequenting primary agriculture cooperative societies in the State, Cooperation Minister Kadakampally Surendran has said.
Mr. Surendran told reporters here on Thursday that he got the assurance at a meeting he had with Ms. Sitharaman in Delhi. She agreed to look into the issue of levying fine from the societies with retrospective effect for accepting deposits in cash for sums above ₹ 20,000. The Union Minister directed Central government officers to inform the Resident Commissioner of Kerala on the steps taken in this score from time to time.
At next council meet
She directed Mr. Surendran to raise the State’s grievance on imposing Goods and Services Tax on the cooperative risk fund at the next GST Council meeting through Finance Minister T.M. Thomas Isaac. In normal case, tax need not be levied on the board, she said.
There were no legal hassles in giving income tax exemption to hospitals run by cooperative societies. The Minister agreed to look into the issue, Mr. Surendran said.
Mr. Surendran sought to raise the limit of agriculture loans disbursed through NABARD from 40% to 60% and reduce the rate of interest from 4.5% to 3%. Ms. Sitharaman consented to look into the demand, he said.
