Indian companies set a tax payment record and contributed Rs 1.25 lakh crore in FY 2023.
Top tax-paying companies: In the fiscal year 2022-23, numerous Indian companies have generated substantial profits, contributing significantly to the government's revenue through tax payments. According to Bloomberg, here are the top 10 Indian companies that have paid a remarkable tax amount of Rs 1.25 lakh crore to the government in FY 2023. Let's explore these leading companies:
At the 10th position on the list is, Axis Bank, a prominent private sector bank, which paid a substantial sum of Rs 7,702.67 crore in taxes during the financial year 2022-23. Following closely at the 9th spot is the renowned IT giant Infosys, contributing a total of Rs 9,214 crore in taxes.
Coal India secures 8th position on the list, having paid Rs 9,875.87 crore in taxes in the previous fiscal year. Notably, Tata Steel follows closely at the 7th spot, having made a significant tax payment of Rs 10,159.77 crore.
Claiming the 6th position is ONGC, the Oil and Natural Gas Corporation, which has contributed a substantial amount of Rs 10,273.15 crore in taxes. Occupying the 5th spot is ICICI Bank, a renowned financial institution, which has paid a noteworthy sum of Rs 11,793.44 crore in taxes to the government.
TCS, or Tata Consultancy Services, secures the 4th position on the list, making a remarkable tax payment of Rs 14,604 crore in the last fiscal year. Conversely, HDFC Bank occupies the 3rd spot, having contributed Rs 15,349.69 crore in taxes during FY 2022-23.
The country's largest public sector bank, State Bank of India (SBI), claims the 2nd position by paying a substantial amount of Rs 17,648.67 crore in taxes in the previous financial year. Finally, Reliance Industries, a prominent conglomerate, tops the list by making the highest tax payment of Rs 20,713 crore in the fiscal year 2022-23.
Read more: Watch: Ashneer Grover criticises India's tax system, calls it 'complicated and punitive'
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