India Inc calls on Pilot to hold horses on CSR, seeks tax exemption for spends
Navin Raheja, chairman and managing director of Raheja Developers told FE that he pointed out that the government should not come out with any penal provisions whereby it starts punishing companies which it finds did not adhere to its definition of CSR.
There were differences between the minister and the industry treatment of philanthropic spending. While the minister said such activities would not be construed as CSR, the industry wanted it to be treated as such.
Members of the industry also said CSR should not been seen as a one-way act by the industry but there should be matching contribution by state government and district administrations.
On his part, Pilot assured the industry that the government would not get into auditing companies’ books to check CSR spends and the companies would be free to make self-declarations.
However, Pilot made it clear that India Inc will have to mandatorily spend 2% of their annual profits on ‘measurable’ social activities as part of their CSR initiatives. Pilot said the government wants to be seen as an “enabler” and not the driver of CSR initiatives. The minister said that India Inc was happy to contribute towards CSR activities. “I heard their suggestions and plans on CSR. I will strive to address their concerns, if any, on
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