The Union Budget has allotted Rs 900 Crores to the Ministry of Cooperation in the Budget 2022-23. The government has also given Rs 11 Crores to Vaikunth Mehta National Institute of Cooperative Management (VAMNICOM). Similarly, Rs 10.90 Crores has been allocated to the Central Registrar of Cooperative Societies.
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The government has also declared a decrease of Alternate Minimum Tax on Cooperative Societies from 18.5 per cent to 15 per cent and a reduction in the surcharge on Cooperatives Societies from 12 per cent to 7 per cent who have income between Rs. 1 to 10 Crores. An allocation of Rs 350 Crores has been done to digitise Primary Agriculture Cooperative Societies (PACS). The scheme aims to computerise 63000 PACS leading to a boost in efficiency, profitability, transparency & accountability in the working of PACS.
