Union Cooperation Minister Amit Shah welcomed the Union Budget 2023 and said that this budget will help in achieving Prime Minister Narendra Modi’s vision of “Sahakar Se Samriddhi”.
While hailing the budget, Shah made several tweets which included the list of important announcements made for the cooperative sector.
The decision to increase the maximum limit of TDS on cash withdrawal to Rs 3 crore and to provide a higher limit of Rs 2 lakh per member for cash deposits and loans by PACS and PCARDBs is commendable, Shah said.
Another important decision has been taken for the cooperative sector, in which sugar cooperatives have been given the facility to claim payments made to sugarcane farmers before 2016-17 as expenditure. With this, cooperative sugar mills will get a relief of about Rs 10,000 crore., I strongly welcome the move, Shah’s tweet reads.
In another tweet, he thanked Prime Minister Narendra Modi for giving benefits to new cooperatives that commence manufacturing activities till 31st March next year shall get the benefit of a lower tax rate of 15%.
The government will also facilitate setting up a large number of multipurpose cooperative societies, primary fishery societies and dairy cooperative societies in uncovered panchayats and villages in the next 5 years.
The government will implement a plan to set up massive decentralized storage capacity, which will help farmers store their produce and realize remunerative prices through sale at appropriate times.