New Delhi: Industry body Tea has proposed an increase in Corporate Social Responsibility (CSRLevy up to one percentage point from the current 2% to provide a booster dose of covid Vaccination. proposing a further increase from BudgetThe lobby group argued that two-thirds of the revised levy could be earmarked for this purpose.
“The administration of the booster dose will incur additional funds from the consolidated finances of the government. Keeping in view the commitment that the industry should play its part in sharing the load, we would like to suggest that the Government may consider 1% of the existing 2% CSR for COVID and Booster Dose and in addition to the industry. may ask to contribute an additional 1%. of their CSR expenditure, for 12 months,” it has been proposed.
In FY20, around Rs 25,000 crore was spent on CSR by 22,500 companies as a result of the 2% contribution. With the change in rules and the pandemic, that number has come down to around Rs 9,000 crore, according to data from 1,619 companies. While the government had allocated Rs 35,000 crore for vaccination for the current year, this amount will increase when the FM Nirmala Sitharaman Presents Revised Accounts on 1st February.
“The administration of the booster dose will incur additional funds from the consolidated finances of the government. Keeping in view the commitment that the industry should play its part in sharing the load, we would like to suggest that the Government may consider 1% of the existing 2% CSR for COVID and Booster Dose and in addition to the industry. may ask to contribute an additional 1%. of their CSR expenditure, for 12 months,” it has been proposed.
In FY20, around Rs 25,000 crore was spent on CSR by 22,500 companies as a result of the 2% contribution. With the change in rules and the pandemic, that number has come down to around Rs 9,000 crore, according to data from 1,619 companies. While the government had allocated Rs 35,000 crore for vaccination for the current year, this amount will increase when the FM Nirmala Sitharaman Presents Revised Accounts on 1st February.
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