Reacting to the Union Budget, Pawsan Varghese, Chief Compliance Officer, Pride Multi State Credit Cooperative Society, said that credit co-operative societies have not received any preferential or additional benefits under the latest tax provisions, with the existing tax structure remaining unchanged except for minor adjustments in applicable dates.
He noted that despite expectations of sector-specific relief, the Budget has effectively maintained the status quo for the sector.
“There are no preferential or beneficial provisions announced for credit co-operative societies. The tax rates remain the same, with only changes in timelines and applicable dates. The sector was hopeful of some targeted relief, especially considering its role in financial inclusion, but no such measures have been introduced,” Varghese said.