India, March 19 -- The Government of India issued the following news release:
The Government of India has taken the following steps for strengthening of Cooperative Sugar Mills (CSMs):-
Relief from Income Tax to Cooperative Sugar Mills: Sugar factories operating in the co-operative sector in certain States of India pay to sugarcane growers a final amount, often referred to as Final Cane Price (FCP) which is over and above the Statutory Minimum Price (SMP) fixed by the Central Government under the Sugarcane Control Order, 1996.
The payment of FCP by the co-operative sugar factories over and above the SMP for purchase of sugarcane had resulted into tax litigation. The co-operative sugar factories were claiming this excess payment as busines...