Orissa - Coop, VAT Bills passed

The Orissa Cooperative Societies (Amendment) Bill, 2008, and the Orissa Value Added Tax (Amendment) Bill, 2007, were passed in the Assembly amid Opposition boycott.

The amendment to the Orissa Cooperative Societies Act, 1962, will enable the State Government to revive the short-term cooperative credit structures which are in crisis due to heavy financial losses, with financial assistance from the Centre.

Under the revival package recommended by the central task force under the chairmanship of A.Vaidyanathan, the State Government will get financial assistance to the tune of Rs 772.54 crore for revitalisation of 2,726 primary agriculture cooperative societies (PACS), large area multi-purpose societies (LAMPS), service cooperative societies and farmers cooperative societies and district central cooperative banks (DCCBs), said Minister of State for Cooperation Surama Padhi.

The primary cooperative credit societies have sustained a loss of over Rs 1,000 crore due to poor recovery. The financial assistance will be available to cooperative credit structures as one-time measure for wiping out their accumulated loss, computerisation, installation of sound accounting systems and human resource development, the Minister said.

Although the total revival package for the State has been estimated at Rs 772.54 crore, the State share will be 9.23 percent while the primary credit cooperative societies contribution will be 7 percent. The amendments proposed in the Value Added Tax Bill in the matter of appointment of special additional commissioner as taxing authority, appointment of accounts member in the Orissa Sales Tax Tribunal and empower the Government to exempt specified sales and purchases from payment of tax was passed by voice vote.

Source : Newindpress - Chennai, Tamil Nadu, India, dated 19/02/2008