National, 04th February 20 (GNI): The Hon. Finance Minister Smt. Nirmala Sitharaman in her presentation of the Union Budget for 2023-24 declared a huge relief for the impending income-tax issues pertaining to the Co-operative Sector sugar mills in India, said in a press note issued by Maharashtra State Cooperative Sugar Factories Federation Ltd., Mumbai
The severe financial implications to the tune of 10,000/- crores shall now be set to rest since the Co-operative sugar mills shall be able to claim payments made to sugarcane farmers for the period prior to A.Y. 2016-17 as ‘Expenditure’ for Business Purpose.
The Co-operative sugar mills were seized of this problem over last 30 years right from 1990-91 onwards and the hanging sword of the Income Tax Authorities constantly looming large, had made the Co-operative sugar mills to shell out more than Rs. 1,000/- crores to avoid penal actions by way of seizure of accounts till the matter was to be resolved in finality. Once the detailed notification in the matter is issued by the CBDT greater clarity shall emerge to understand the settlement.
The Sakhar Sangh profusely thanks and is indeed indebted to the visionary leadership of Shri Narendraji Modi, Hon. Prime Minister, the meticulous Shri Amitbhai Shah, Hon. Minister (Home & Co-operation) and Smt. Nirmala Sitharaman, Hon. Minister (Finance) Govt. of India for this landmark decision once again demonstrating the will of the Government to deliver on governance and make true the avowed mission of ‘Sahakar Se Samriddhi’.
The constitution of the Ministry of Co-operation under the able leadership of Shri Amitbhai Shah has demonstrated the ability of the Government to resolve the issues of the Co-operation Sector with greater clarity and speed which shall help to strengthen the economy of India under the “Co-operative Sector” too ensuring people participation.
Our Federation also acknowledges the support of Shri Piyush Goyal, Hon. Minister (Food & Commerce) and the entire team of officials in the DFPD handling the sugar portfolio. Special appreciation and thanks are also due for Shri Gyanesh Kumar, Secretary (Co-operation), and his entire team of officials including Shri Pankaj Kumar Bansal, Jt. Secretary (Co-operation) & Dr. K. K. Tripathi, OSD to Hon. Minister as without their understanding of the issues the requisite co-ordination with the Ministry of Finance & CBDT would have been a herculean task. Equal accolades to the Ministry of Finance & CBDT to step ahead and help in finally resolving the issue.
Shri Raosaheb Danve, Minister (Railways) was also in the forefront to see this problem getting resolved. Sakhar Sangh also acknowledges the strong support of the Govt. of Maharashtra through Shri Eknathji Shinde – Hon. Chief Minister, Shri Devendraji Fadnavis – Hon. Dy. Chief Minister, Shri Radhakrishna Vikhe Patil – Hon. Minister (Revenue) and Shri Atul Save – Hon. Minister (Co-operation) alongwith officials in Dept. of Co-operation and the Commissionerate of Sugar.
The torch bearers for resolving this important matter were Shri Jaiprakash Dandegaonkar, President, National Federation of Co-operative Sugar Factories, Shri Dhananjay Mahadik – MP, Shri Harshwardhan Patil – Director Sakhar Sangh, under the able guidance and active participation of Hon. Shri Sharadchandraji Pawar, MP (RS) with whose help meetings were held with the Ministry of Cooperation and the issue was followed-up at different levels of the Govt. of India. For the past 15 years he has been ardently supporting this issue for due solution.
We also acknowledge the tremendous work put in by the committee constituted by Sakhar Sangh for the purpose with the involvement of the Chartered Accountants, MDs of various Co-op. sugar mills and the officials involved.
We assure all our support to the Govt. of India and the Govt. of Maharashtra for strengthening the Cooperative Sector in the Indian economy through ‘Sahakar Se Samridhhi’.ends GNI SG
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