Firms with Rs 1,000 cr plus turnover now can’t escape CSR

Companies must henceforth spend at least 2 per cent of income to serve society as part of corporate social responsibility (CSR), Chief Minister Siddaramaiah said in the Assembly Tuesday. CSR would be made mandatory from April 1, he said in reply to a question by MP Ravindra, the MLA from Harapanahalli.

Companies with a turnover of Rs 1,000 crore or more per annum and those who have an income of over Rs 5 crore will now be required to spend 2 per cent towards CSR. The registrar of companies will supervise the policy and the state government will take the necessary measures to enforce it, the Chief Minister said.