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The Central Arecanut and Cocoa Marketing and Processing Cooperative (Campco) Ltd has welcomed the central government decision not to levy 2 per cent TDS on cash payments of above ₹1 crore made through APMCs (Agricultural Produce Market Committees).
SR Satishchandra, Campco president, said in a statement that the government’s decision has been welcomed by the farming sector.
(The Union Budget 2019-20 had proposed imposing 2 per cent TDS on cash withdrawals above ₹1 crore to discourage cash transactions in the economy.)
He said that a delegation of arecanut cooperatives had recently submitted a memorandum to the Finance Ministry on the implications of the Budget proposals on the farming community. The delegation had apprised the Ministry of the problems being faced by farming community with such a move.
In a tweet recently, Finance Minister Nirmala Sitharaman had stated that agents operating under APMCs have been exempted from 2 per cent TDS on cash payments over ₹1 crore to avoid inconvenience to farmers and other stakeholders in the agricultural sector.
While addressing the Campco members at its annual general meeting recently, Satishchandra had stated that nearly 30 per cent of stakeholders in cooperative sector are yet to get ready for cashless transactions, as all villages don’t have facilities suitable for cashless economy.
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