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WHAT IS CORPORATE SOCIAL RESPONSIBILITY AND GST IMPACT

May 22, 2018

Corporate Social Responsibility (CSR) is a concept that suggests that it is the responsibility of the corporations operating within society to contribute towards economic, social and environmental development that creates positive impact on society at large.

In India Corporate social responsibility first time through the companies act ,2013 and section no. 135 which mandates the following company should invest their 2% of last three previous year profit for the activities of Corporate social responsibility:-

(a) Net Worth of the Company to be Rs.500 Crores or more.
(b) Turnover of the Company to be Rs.1000 Crores or more.
(c) Net profit of the company to be Rs.5 Crores or more.

Every qualifying company require to spend at least 2% of its average net profit for the immediately preceding 3 financial years on CSR activities.

Further as per the CSR Rules, the provisions of CSR are not only applicable to Indian Companies, but also applicable to branch and project offices of a foreign company in India

The corporations are required to setup a CSR committee which designs a CSR policy which is approved by the board and encompasses the CSR activities the corporations is willing to undertake.The Board consisting of three or more directors, out of which at least one director shall be an independent director.The Board’s report under sub-section (3) of section 134 shall disclose the composition of the Corporate Social Responsibility Committee.

Companies act provide the some illustrative list of CSR activities under Schedule VII:-

Activities relating to:—
(i) eradicating extreme hunger and poverty;
(ii) promotion of education;
(iii) promoting gender equality and empowering women;
(iv) reducing child mortlity and improving maternal health;
(v) combating human immunodeficiency virus, acquired immune deficiency syndrome, malaria and other diseases;
(vi) ensuring environmental sustainability;
(vii) employment enhancing vocational skills;
(viii) social business projects;
(ix) contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government or the State Governments for socio-economic development and relief and funds for the welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women; and
(x) such other matters as may be prescribed.

APPLICABILITY OF GOODS AND SERVICE TAX FOR CSR:-

As per the GST provision government does not provide the specific exemption for CSR activities..under the ambit of GST there are 87 Services which attracts to Nil rated.in which only the following could be covered for the CSR:-

Sl. No.56: Services by way of sponsorship of sporting events.

Sl No. 79: Services by way of public conveniences such as provision of facilities of bathroom, washrooms, laboratories, urinal or toilets.

Apart from these two, we did not found any specified service exemption which could be covered under CSR therefore
it will be taxable at the rate of 18%.

The author can also be reached at sanjeev@semantictaxgen.in

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