Based on their revenue, both individuals and corporations in India are required to pay direct taxes. Costs, tax types, deductions, income, and exemptions are a few aspects that affect how taxes are calculated. No matter how much money a company makes, it is liable to pay taxes at the appropriate tax rates. This implies that organizations and people with annual revenue in the billions must pay taxes at a specific rate whether it is in the billions.
Continue reading the article to know more about the Top 10 Highest Taxpayers Companies in India along with the services provided by them.
Top 10 Highest Taxpayers in India
- Tata Consultancy Services
TCS, often known as Tata Consultancy Services, was founded in 1995 as a public limited corporation. Having its corporate headquarters in Mumbai, Maharashtra, Tata Consultancy Services (TCS) is a global Indian information technology (IT) services and consulting firm. For example, it offers software and IT services, cyber security services, and data analytics to international corporations. 6.8% of TCS’s total revenue was paid in taxes, or Rs. 11,536 crores.
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- Tata Steel Limited
Founded in 1907, Tata Steel is a publicly traded enterprise that is a significant Tata Group business and a multinational steel production corporation with headquarters in Jamshedpur. Tata Steel, formerly known as Tata Iron and Steel Company Limited (TISCO), is one of the top producers of steel in the world, with an annual capacity of 35 million tonnes of crude steel. Taxes paid by the company to the Indian government total Rs. 11,079 crore, or 8.4% of its annual revenue. They offer hot and cold rolled sheets, automotive steel, and other products and services.
- JSW Steel
JSW Steel is a flagship company of the JSW Group which is a publicly traded steel manufacturer established in 1994. The second-largest private sector steel business in India is now JSW Steel thanks to the merger of Bhushan Power & Steel, Ispat Steel, and Jindal Vijayanagar Steel Limited. They offer a range of goods, including TMT bars, galvalume products, and color-coated goods. JSW Steel gave the Indian government a tax payment in FY 2022 totaling Rs. 8,013 crores, or 6.6% of its overall turnover.
- Life Insurance Corporation of India (LIC)
With its headquarters in Mumbai, LIC is a life insurance corporation operating in India’s public sector. The company is the biggest insurance provider and was established in 1956. With total assets under management valued at 45.7 trillion (US$570 billion) as of March 2023, it is both the largest insurance company and institutional investor in India. The Ministry of Finance has administrative responsibility over it and the Government of India owns it. Taxes paid by LIC to the Indian government totaled Rs. 7,902 crores or 2.9% of their entire revenue.
- Reliance Industries
One of the most well-known conglomerates in India which is owned by Mukesh Ambani, Reliance. It is one of India’s biggest taxpayers, providing goods and services to oil and gas, retail, media, telecommunications, and other industries. By market capitalization and sales, Reliance is the largest publicly traded corporation in India and the 100th largest firm globally. It accounts for 7% of all goods exported from India and is both the largest private taxpayer and exporter. Reliance Industries paid the Indian government tax in the amount of Rs. 7,702 crores, or 1.65% of its total revenue.
- Indian Oil Corporation
The Indian Ministry of Petroleum and Natural Gas owns Indian Oil Corporation Limited which is a central public sector enterprise in India. A tax payment of Rs. 7,549 crores was made by Indian Oil, an integrated oil firm, for the fiscal year 2022. The business runs India’s most extensive network of diesel and fuel stations. Mumbai serves as the company’s primary location, and it was founded in 1959.
- Infosys
Infosys was established in Pune, however, Bangalore is the organization’s main office. By 2020 sales statistics, Infosys is the 602nd largest public business in the world and the second-largest Indian IT company, behind Tata Consultancy Services. Infosys, an Indian corporation that provides outsourcing and consulting services to businesses around the world, paid a tax of Rs. 7,260 crores, or 6.7% of its sales. Data analytics, blockchain, the Internet of Things, AI, and automation are among the services they offer to its clients.
- ITC
The Kolkata-based TC Limited was established in 1910 and offers goods from a variety of businesses, including food, tobacco items including cigarettes and cigars, paper goods, toiletries, and stationery. For the first time in the company’s history, on April 17, 2023, its market cap surpassed the milestone of 500,000 crore (US$63 billion). ITC became one of the top 10 taxpayers in India for FY 2022 by devoting 7.6% of its income or Rs. 4,771 crore to taxes.
- Hindustan Zinc
Hindustan Zinc is one of the biggest manufacturers of integrated goods containing zinc, lead, and silver in India. The business was established in 1966 but is based in Udaipur and was once a Central Public Sector Undertaking that the Government of India sold to Vedanta Limited in 2003. It paid the government a tax of Rs. 4,471 crore to rank among the top 10 tax-paying businesses in India which must pay 14.5% of their revenue in taxes.
- NTPC
NTPC Limited which was earlier known as National Thermal Power Corporation is a central public sector enterprise in India owned by the Indian Ministry of Power that generates energy and conducts related business. In 1975, NTPC was established as a public limited corporation and currently, it offers products and services in consulting, coal mining, gas, nuclear, coal, and many other energy generation fields. 3.6% of the company’s revenue, or Rs. 4366 crores, was paid in taxes by this power provider.
The Final Words
Depending on their income and deductions, a firm or individual may be subject to a variety of taxes. TCS is the highest-paying corporation in India, whereas Mahendra Singh Dhoni and Akshay Kumar have been the highest-paying individuals.
We hope that you found this article helpful and that the aforementioned list of the Top 10 Highest Taxpayers was informative.
