Rajasthan minister of state of cooperatives Ajay Singh Kilak has sent a letter to the union finance minister Arun Jaitley urging him to exempt cooperative societies from income tax.
The issue of IT exemption has bogged cooperative societies ever since it was withdrawn by the UPA govt. In a recent meeting with Union Finance Minister Arun Jaitley both the Nafcub President Mukund Abhyankar and NCUI Chief Executive Dr Dinesh impressed upon the need to do away with IT on cooperatives.
Mr Jaitley did give patient hearing but did not promise anything, sources confide. Now a BJP state Minister is raising the issue and its assumes added significance, they add.
According to the minister, such a step would add strength to the cooperative movement across the country.
There are 30 thousand cooperative societies in Rajasthan and nearly half a million in the country. Taxes seriously weaken cooperative societies’ finances, said the minister
