Union Budget 2022 | Government proposes to reduce MAT for cooperative societies to 15%, surcharge to 7%

“To provide a level-playing field between cooperative societies and companies, I propose to reduce this rate (MAT) for the cooperative societies also to 15%,” the Finance Minister said.

The government proposes to reduce the minimum alternative tax (MAT) for cooperative societies from current 18.5% to 15% on a par with private companies, Finance Minister Nirmala Sitharaman said on February 1.

Presenting the , she said the government has also proposed to reduce the surcharge on cooperative societies from the present 12% to 7% for those having total income of more than ₹1 crore up to ₹10 crore.