Kolhapur: The sugar mills will not have to pay the income tax on the additional payment made to the sugarcane farmers. They will not be subjected to income tax on the payment amount made to farmers that is higher than the fair price remuneration post 2016. The finance ministry issued a clarification on the matter.
Finance Ministry in an issued circular said,”The issue of treatment of additional payment for sugarcane price by Cooperative sugar mills as an income distribution to farmer members and the resultant tax liabilities has been brought to the notice of the Central Board of Direct Taxes (the Board).”
For last two decades, the sugar mills were fighting to withdraw the clause.
गेल्या 3 ते 4 दशकांपासून सहकारी साखर कारखान्यांवरील आयकराची टांगती तलवार दूर करण्याचा निर्णय अवघ्या आठवडाभरात घेतल्याबद्दल मा. पंतप्रधान नरेंद्र मोदीजी @narendramodi आणि मा. केंद्रीय गृह, सहकार मंत्री अमितभाई शाह यांचे मन:पूर्वक आभार.
यासाठी मा. @AmitShah जी यांचा आज सत्कार केला! pic.twitter.com/3JeugD2JZE
— Devendra Fadnavis (@Dev_Fadnavis) October 27, 2021
Recently, a BJP delegation led by Opposition leader Devendra Fadnavis held meetings with Home Minister Amit Shah in Delhi. After two rounds of meetings this week, the Centre issued the notification.