Top 5 Highest tax paying company in India 2022

Top 5 Highest tax paying company in india 2022

Introduction

This is the list of the top 5 highest tax paying company in India 2022 :

STOCKINBULLS 1 — 5 Highest tax paying company in India 2022

1)Reliance

Reliance Industries is the largest private sector company in India. It was founded in 1892 by Dhirubhai Ambani as a trading company, which later diversified into many other industries like petrochemicals, refining and marketing of petroleum products. The flagship company of the Reliance Group has an estimated market capitalization of $58.7 billion (as on March 31, 2019). It is also one of India’s top five companies in terms of total revenues earned by its parent firm with an annual revenue run rate exceeding $20 billion per annum!

The number one spot on the list has been secured by Reliance Industries as it has paid a total of Rs. 29,392 crores as taxes. Most of this money was collected through income tax which came up to Rs 19,138 crores while the rest of the taxes were collected through Cess and STT.

Reliance Industries is an Indian conglomerate with interests in oil refining, petrochemicals, telecommunications and retailing in India; it also produces electricity through its gas utility company RIL Power & Steel.[3] The company is India’s largest private sector employer with more than 400000 employees across various divisions including telecomunications arm BSNL (Bharat Sanchar Nigam Limited), power generation & transmission business R-Infra (now known as Reliance Infrastructure Ltd.), oil exploration & production subsidiary Reliance Petroleum Limited(RPL).

2)ITC

ITC is a cigarette manufacturing company. It has paid taxes amounting to Rs 13,589 crores in the financial year 2017-18. The company’s total tax liability stood at Rs 1429 crores. Out of these taxes, the company got a refund of Rs 599 crores due to various reasons including refunds on investments made by it under Section 80(FTO), etc., as well as refunds on capital gains arising from demonetization schemes like SAMPARK programme launched by Reserve Bank of India (RBI).

The total income from all sources was recorded at Rs 878 crore during financial year 2016-17 with an average profit margin being about 11%. In comparison with other companies listed here which have been earning profits above 10% but paying less than 10% taxes, this shows that ITC has been paying higher rates despite having lower margins than many competitors out there

After Reliance Industries, the highest tax paying company in India is ITC which stands for Indian Tobacco Company. The amount of money that has been paid in taxes by ITC is Rs. 13,589 crore up until now with most of it falling under income tax which came up to Rs. 7,572 crore.

ITC is the highest paying company in India. It has paid Rs 13,589 crore in taxes so far and most of it came from income tax which was calculated at Rs 7,572 crore.

ITC is one of the oldest tobacco companies in India and has been trading since 1846 when it was founded by two brothers named James and Harshadbhai Peth Parsi who were originally from Gujarat state but moved to Madras Presidency (now Chennai) after they bought land there where they planted tobacco seeds that had already been grown elsewhere around their home town before moving on again later on down south towards Bangalore where they started working together until eventually settling down permanently thanks to some assistance from their family members who helped them build up enough capital so as not only start up again but also expand into other areas such as manufacturing cigarettes using different kinds like filter or non-filter depending upon whether someone wants something filtered out or not!

3) ONGC

The government-owned Oil and Natural Gas Corporation Ltd (ONGC) has also paid a large amount as taxes which stands at Rs 12,913 crore. The taxes that were collected included PAYE (Pay As You Earn), MAT (Minimum Alternate Tax) and Income Tax. This company has been paying about Rs 2 lakh crore in taxes every year since 2008.

ONGC or Oil and Natural Gas Corporation Ltd has also paid a large amount as taxes which stands at Rs 12,913 crore. The taxes that were collected included PAYE (Pay As You Earn), MAT (Minimum Alternate Tax) and Income Tax.

ONGC is a public sector enterprise, and is the largest oil and gas exploration and production company in India. It operates on both domestic as well as international markets. ONGC’s main business activities include developing, producing and marketing crude oil; natural gas; liquefied petroleum gas (LPG); fertilizers; petrochemicals including TEAPOLUBE®; marine products such as lubricants & greases, hydrocarbon gases such as methane & ethane etc., asphalt based products for road construction etc.[1]

ONGC has been ranked among the best companies to work for by various surveys conducted by various organizations over time.[2]

4) Coal India Limited

Coal India Limited holds the fourth position in terms of highest tax paying companies in India by paying Rs 10,232 crore to the government in terms of various taxes such as income tax, advance corporate tax and Cess that amounted to a total of Rs 10232 crores.

In 2017-18 fiscal year, it paid an average annualised return of Rs 2.51 per share on its equity capital at par value (equity share premium) basis which is 5% higher than its previous year’s average annualised return at 6%. The company has paid a dividend of Rs 1 per share for last five years but has not declared any dividend this time around.

Coal India Limited is the fourth highest tax paying company in India by paying Rs 10,232 crore to the government in terms of various taxes such as income tax, advance corporate tax and Cess that amounted to a total of Rs 10232 crores.

The list was prepared on basis of data provided by companies under Section 45 (1) & (2) of Income Tax Act 1961 and Rule 20C(3) of Central Excise Rules 1944.

5) Bharati Airtel Ltd

Bharati Airtel Ltd is a mobile service provider which has paid Rs 2,965 crores as taxes to the government. The taxes that have been paid by the company include Income Tax, CESS and MAT.

The total amount of tax paid by Bharati Airtel was Rs 2,965 crore during FY2018-19 (till 31 March 2019). This includes income tax, cess on various services and matting scheme under new tax laws.

some other companies which were in the list of Highest tax paying company in India 2022

6) State bank of India

In India, the State Bank of India is the largest public sector bank with a network of over 14000 branches and over 19000 ATMs across the country. It is also the largest bank in India by market capitalization. Its headquarters are located at Pragati Maidan, Delhi with its main office in Mumbai (formerly Bombay). It has 509 branches across India with total assets of INR 49820 billion as of March 31st, 2018.

7) Tcs

TCS is a multinational company that provides IT services and business consulting. It has paid Rs 7,848 crore in taxes during the last fiscal year. TCS also played a vital role during the COVID-19 pandemic by providing its employees with healthcare benefits and compensation for work-related injuries or diseases.

8) HDFC bank

HDFC bank paid Rs 5,922 crore in taxes. The taxes that were paid included Income Tax, Advance Corporate Tax and Cess which amounted to a total of Rs 5,922 crores. HCL paid Rs 2,988 crore as taxes–HCL paid Rs 2,988 crore as taxes. The taxes that were paid included Income Tax (Rs 1,423 Crore), Advance Corporate Tax & Cess (Rs 1,115 Crore) & Other Taxes (Rs 485 Crore).

Conclusion

The above list of companies is a good representation of the top tax paying companies in India. This list is based on the data given by the Income Tax department and it shows that these companies have paid their share of taxes which comes up to Rs. 20,958 crores. The amount collected through various taxes such as income tax and advance corporate tax amounted to Rs 15571 crores while other taxes collected included STT (Stamp Duty), MAT(Minority & Other Backward Classes) and Cess (Central Excise).

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