CA Niteshkumar Delvadiya

Multi State Co Operative Society:   General Definition: Multi-State cooperatives are  societies that have operations in more than one state . Such MSCSs are registered under the Multi-State Co-operative Societies Act 2002, and their regulation lies with the Central Registrar.   Income Tax: Income tax is applicable as per the prevailing rates for the cooperatives. The budget 2023-24 proposed new rates of taxes for newly registered cooperatives undertaking manufacturing activities.   GST: Every Person is liable to register under the GST Act, 2017 if turnover exceeds Rs. 20 Lakhs subject to some other terms and conditions as defined in Section 22 of the CGST Act, 2017. GST Rates on the products are given in annexure.       GST Rates on Products: Sr No Chapter/ Heading/ Sub-heading /Tarif Item Description of Goods Loose Pre-packaged and labelled ...

Farmer Producer Company:   General Definition: A farmer producer company is a group of farmers that band together to increase their revenue and enhance their standard of life. In India, a Producer Company can be formed with merely 10 members and two institutions. In India, more than 80% of farmers are unorganized and have tiny or marginal holdings. Farmer Producer Company encourages farmers and assists them in reaching their economic potential by pursuing the following goals: Ø   Production Ø   Procurement Ø   Harvesting and Grading of Fruits and Vegetables Ø   Handling and Poling Ø   Agricultural product marketing Ø   Selling, exporting and importing agricultural products.   Income Tax: Income tax is applicable as per the prevailing rates for the companies. The companies are subject to file their income tax return as per the provisions of Section 139 of the Income Tax Act, 1961.   GST: Every Person is liable to ...