Memes, as a widely used mode of online communication, often serve as vehicles for spreading harmful content. However, limitations in data accessibility and the high costs of dataset curation hinder the development of robust meme moderation systems. To address this challenge, in this work, we introduce a first-of-its-kind dataset - TOXICTAGS consisting of 6,300 real-world meme-based posts annotated in two stages: (i) binary classification into toxic and normal, and (ii) fine-grained labelling of toxic memes as hateful, dangerous, or offensive. A key feature of this dataset is that it is enriched with auxiliary metadata of socially relevant tags, enhancing the context of each meme. In addition, we propose a novel entropy guided multi-tasking framework - STEMTOX - that integrates the generation of socially grounded tags with a robust classification framework. Experimental results show that incorporating these tags substantially enhances the performance of state-of-the-art VLMs in toxicity detection tasks. Our contributions offer a novel and scalable foundation for improved content moderation in multimodal online environments. Warning: Contains potentially toxic contents.