In a alleviation to the farm region, the authorities has determined not to levy 2% tax deduction at supply (TDS) on coins payments of over Rs 1 crore made through Agriculture Produce Market Committees (APMCs).
The government had made the availability of levying 2% TDS on cash withdrawals exceeding Rs 1 crore within the Union Budget to deter cash transactions and flow towards a much less-cash economic system.
The provision is ready to come into pressure from October 1.
“Addressing the concerns raised with the aid of Agriculture Produce Market Committees (APMCs), it has been decided now not to levy the 2% TDS on coins bills above Rs 1 crore made thru APMCs, to make immediate payments to farmers for his or her produce,” Finance Minister Nirmala Sitharaman stated in a tweet.
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