New Delhi, Aug. 10: Finance Minister Sitharaman reiterated strict adherence to Corporate Social Responsibility (CSR) norms by corporates while addressing members of Confederation of Indian Industry(CII). She said that the CSR notices related to past effects would not be entertained and the responsible officers would be put behind bars besides slamming monetary penalties in case of violation of CSR norms by companies.
The shareholders of the company would not be
explained any more for discontinuation of CSR. However, criminal penal
provisions would be reviewed.
On the corporate tax front, Nirmala Sitharaman assured members of CII once the government achieves the comfortable level of revenues, it would make the corporate tax of 25 pc uniform across the board.
Here, it is noteworthy that large corporates pay 30 pc tax and these corporates accounts for less than 1 pc in total corporate tax payers, while the rest pays 25 pc tax.
She also informed that the tax harassment issues would be heard first hand across the country during her travel and online platform would be set up to address the same. The outstanding from government departments worth Rs. 48000 crore would be released soon to the respective corporates and MSM