An amount of 2% of profit have to be utilised for which purpose by industry
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When an industrialist or a group of industries work for the betterment of the society and for the conservation of the environment, it is known as Corporate Social Responsibility (CSR).Showing responsibility to society by helping needy people or needy organizations is an important task. With this objective, when an industry or a group of industries have made a profit of over 5 crores, they are expected to spend at least 2% of their profits on acts benefitting the society.
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Answer: A total of 2 per cent of the profit is utilized by the industries for goods and service tax that is used for the charity. The law was passed around in 2014 to give the profit amount to the charity.
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