Corporates of India Inc. are not merely doing business and earning profits, in fact, in the process of profit maximisation they also are contributing to nation building by paying taxes to the exchequer, creating jobs and reducing import dependence by building domestic capabilities. Business Today has compiled a list of India’s top 10 tax payers in the financial year 2022 (FY22).
The data available with Ace Equity showed, that in FY22 there are as many as 15 listed companies those have paid taxes of at least Rs 5000 crore. While a total of 60 companies has tax contribution of more than 1000 crore to the government’s kitty.
The leader of the pack is Reliance Industries by paying taxes of Rs 16,297 crore and net profit of Rs 60,705 crore, led by billionaire Mukesh Ambani. It is also India’s most valuable company with market capitalisation of more than Rs 16.5 lakh crore as on October 18, 2022, It is followed by India’s largest bank the State Bank of India.
SBI has recorded net profit of Rs 35,374 crore and paid Rs 13,382 crore as taxes, while market capitalisation of SBI is more than Rs 5 lakh crore. Third rank is held by Tata Consultancy Services, which has paif taxes of Rs 13,238 crore and net profit of Rs 38,327 crore. TCS has market capitalisation of Rs 11.5 lakh crore.
HDFC Bank is at the fourth spot as the taxes paid by the biggest private lender stood at Rs 12,722 crore while it has net profit of Rs 38,053 crore. It is followed by mining company Vedanta which has paid Rs 9,255 crore tax and listed Rs 18,802 crore net profit. JSW Steel is at sixth rank with Rs 8,807 tax and Rs 20665 crore net profit, while at number seven is Indian Oil Corporation, which paid taxes of Rs 8,562 crore and net profit of Rs 25,102 crore.
IOC is followed by Tata Steel which has paid taxes of Rs 8,478 crore and posted Rs 40,154 crore net profit. ICICI Bank is at ninth place with payment of Rs 8,457 crore as taxes and clocking Rs 25,110 core of net profit. While at tenth spot is Life Insurance Corporation of India, as it has reported Rs 8,013 crore as tax paid and 4,125 crore net profit. While Infosys with Rs 7,964 crore, Coal India Rs 6,238 crore, Hindalco Industries Rs 5373 crore, ITC Rs 5,237 crore and NTPC with Rs 5,047 crore are also included amongst the biggest taxpayers in the country.
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