Many Indian firms had tremendous profitability in the financial year 2023, with many emerging as key taxpayers. Report says, approximately 20 Nifty 50 companies exceeded their annual EBITDA expectations.
Reetu | Sep 11, 2024 |
Top 10 Companies Paying Highest Tax in India
Many Indian firms had tremendous profitability in the financial year 2023, with many emerging as key taxpayers.
According to the report, approximately 20 Nifty 50 companies exceeded their annual EBITDA expectations.
On the basis of Motilal Oswal’s analysis, the profit-to-GDP ratio for Nifty 500 companies has risen to an outstanding 4.8%, up from 4% in FY 2023-24, the highest in 15 years.
Furthermore, the Press Information Bureau (PIB) stated that gross corporate tax revenue (provisional) in FY 2023-24 is Rs.11.32 lakh crore, representing a 13.06% increase over the previous financial year’s gross corporate tax collection of Rs.10 lakh crore.
On the other hand, net corporation tax collection (provisional) for FY 2023-24 amounted to Rs.9.11 lakh crore, up 10.26% from the previous year’s net corporate tax of Rs.8.26 lakh crore.
As in India, increased revenues result in larger tax liabilities; these business entities have fuelled an overall rise in corporate tax revenue.
This increase in tax income is mostly driven by record earnings and revenues in a variety of industries, including banking, energy, and technology.
Reliance Industries
Notably, Reliance Industries Ltd., India’s largest company by market capitalization and the most profitable for the year, claimed first place with Rs.20,713 crore in tax payments for FY 2023.
SBI and HDFC Bank
State Bank of India and HDFC Bank Ltd. came in second and third, with taxes of Rs.17,649 crore and Rs.15,350 crore, respectively.
TCS
With the taxes of Rs.14,604 Crore in FY 2023, the Tata Consultancy Services secured the 4th place.
ICICI Bank
Indian multinational bank and financial services company, ICICI Bank has paid taxes of Rs.11,793 Crore and ranked 5th in the list.
ONGC
India’s largest Crude Oil and Natural Gas Company has secured 6th rank in the list of highest tax-paying companies with a tax of Rs.10,273 Crore.
Tata Steel
Another industry of Tata Group, Tata Steel paid taxes of Rs.10,160 Crore in FY 2023. Tata Steel has placed at 7th position.
Coal India
Coal Mining Company, Coal India contributes to the development of India’s infrastructure in the form of paying taxes. In FY 2023, the company paid Rs.9,876 Crore in taxes and comes under the list of the top 10 highest tax-paying companies at 8th position.
Infosys
An Indian multinational information technology company, Infosys Limited paid a tax of Rs.9,214 Crore in FY 2023 and secured the 9th rank in the list.
Axis Bank
India’s third largest private sector bank, Axis Bank also made it to the list of the top highest tax-paying companies in India, the bank paid Rs.7,703 Crore in taxes and placed 10th in the list.
Source: Bloomberg
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