Co-op sugar mills may soon start wiping off Rs 10,000 cr tax liability

140 cooperative mills across the country are expected to benefit from the move

The Centre has started the process of adjusting the Rs. 10,000 crore tax liability from balance sheets of the 140-odd cooperative sugar mills across the country through the publication of a standard operating procedure (SOP).

The SOP, published by the Central Board of Direct Taxes (CBDT) on July 27, will kickstart the process through which individual cooperative sugar mills will be able to wipe off the tax dues from its balance sheet.
 

Finance Minister Nirmala Sitharaman, in her 2023-24 Budget speech, announced that sugar co-operatives have an opportunity to claim payments made to sugarcane farmers for the period prior to assessment