Nafcub President Jyotindra Mehta, who raised the issue of injustice to the cooperative sector in all the fora including social media, thanked the Finance Minister profusely after she announced parity between cooperatives and corporates.
Titled “Salute Nirmalaji”, he writes on social media thanking her for three things in particular.
Reducing income tax on co-operatives to 22%
Increasing limit of Deposit insurance to up to Rs 5 lac
Creating mechanism to raise capital for cooperative banks
The day before the presentation of Union Budget, Nafcub President had appealed to Union Finance Minister Nirmala Sitharaman to show her sense of fair play and had raised cases of discrimination against cooperative enterprises.
He has compared Amul to Nestle, IFFCO to Chambal Fertilizer and Small co-operative Bank of Tripura (NE) to HDFC Bank.
Titling his observation under “We demand equal Tax treatment”, Mehta had asked “Why co-operative sector should pay Income tax @ 33%; when corporate sector has been announced to pay@ 22%?”
Earlier, making good use of the presence of Union State Minister Parshottam Rupala in a function at the NCUI auditorium Mehta had requested the minister to intercede with the Finance Ministry on the issue.