MAT to be reduced for co-operative societies to 15%: FM Sitharaman

Finance minister Nirmala Sitharaman brought the minimum alternate tax (MAT) down for co-operative societies to 15%.

The move will bring in a level-playing field between co-operative societies and private companies, which are taxed at 15%.

Presenting the Budget 2022-23 in the Lok Sabha, she said the government has also proposed to reduce the surcharge on cooperative societies from the present 12 per cent to 7 per cent for those having total income of more than Rs 1 crore up to Rs 10 crore.

“To provide a level-playing field between cooperative societies and companies, I propose to reduce this rate (MAT) for the cooperative societies also to 15 per cent,” the finance minister said.

Currently, the cooperative societies are required to pay MAT at the rate of 18.5 per cent, while the companies paid at the rate of 15 per cent, she added.

Reducing the surcharge on cooperative societies from the present 12 per cent to 7 per cent, she said the reduction in surcharge is for those having a total income of more than Rs 1 crore to up to 10 crore.

“This will help in enhancing income of cooperative societies and its members who are mostly from the rural and from farming communities,” she added.

(With inputs from PTI)

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TheDailyCheck is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] The content will be deleted within 24 hours.