Co-ops stage stir against Centre's move

Co-ops stage stir against Centre's move

Udupi district unit of Sahakara Bharathi staging a protest before Deputy Commissioner’s office condemning Central government’s decision to impose tax on cooperative societies in Udupi on Thursday. DH Photo

Forwarding the memorandum to Union Finance Minister through Deputy Commissioner Hemalatha on the occasion, Sahakara Bharathi Udupi District President Ashok Kumar Shetty said India was least affected during global economic recession owing to the strong foundation of economic policies put forth by the cooperative societies across the country.

The beneficiary plans and programmes of cooperative societies reach the last man in the society, when most of government schemes fail to reach the targeted mass. Cooperative societies play a crucial role in lending financial support to the poorest of the poor in the society. In this backdrop, government’s decision to impose tax on meagre income of cooperative societies should be condemned, he added.

There are possibilities of cooperative societies loosing its existence owing to heavy taxation imposed by the government. As most of the cooperative societies rely upon the membership funds as against the crores of deposits of other financial organisations, he said.

Central government should immediately hold a meeting comprising senior cooperatives to discuss the pros and cons of imposing taxes on cooperative societies.

“If government fails to take decision in consultation with senior cooperatives, we will take up rigorous protest,” Shetty cautioned.