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LATEST NEWS UPDATES | Agri Ministry wants tax exemption for FPOs

Agri Ministry wants tax exemption for FPOs

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published Published on Aug 31, 2017   modified Modified on Aug 31, 2017
-The Hindu Business Line

Women farmers face the brunt; GST adds to their woes

New Delhi:
The Agriculture Ministry has written to the Finance Ministry seeking income-tax exemption for farmer produce organisations (FPOs), particularly for those that are registered as farmer producer companies (FPO) under the Companies Act.

“These FPOs were brought in to negotiate the problems that are faced by cooperative societies. So they are naturally eligible for all the benefits that cooperatives are enjoying already,” sources in the Agriculture Ministry said on Wednesday.

While the I-T Act exempts cooperatives from paying under the section 35CCC, FPCs are taxed on par with private and public-limited companies.

According to data available with Small Farmers’ Agribusiness Consortium, which comes under the Agriculture Ministry, there are about 750 FPOs in the country at present, with over 7.4-lakh farmers under them.

The government has been promoting FPOs as collectives of small and marginal farmers, as they would help address the challenges that small farmers face, particularly those relating to access to investment and technology. To encourage them, the government has been giving matching grants to the equity raised by recognised FPOs.

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The Hindu Business Line, 30 August, 2017, http://www.thehindubusinessline.com/economy/agri-business/copyofbl31ndtvjfpcs/article9837065.ece?homepage=true


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