Here’s a breakdown of the top 10 highest tax-paying entities in India for the financial year 2022-23:
India’s economic landscape is powered by a diverse array of entities and individuals who play a pivotal role in driving the nation’s tax revenues. From industry giants to prominent personalities, these significant Indian tax contributors form the bedrock of the country’s fiscal foundation. In this exploration, we delve into the top taxpayers in India, shedding light on the companies and individuals whose substantial contributions shape the nation’s financial landscape. Join us as we unveil the powerhouse entities and notable figures making substantial strides in bolstering India’s tax coffers.
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Reliance Industries Limited (RIL):
- Paid Rs 20,713 crore in taxes.
- Fortune 500 company and India’s largest private sector corporation.
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State Bank of India (SBI):
- Paid Rs 17,649 crore in taxes.
- Indian Multinational, Public Sector Banking, and Financial Services statutory body.
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HDFC Bank:
- Paid Rs 15,350 crore in taxes.
- Among the first financial institutions in India to receive approval from RBI to set up a private sector bank.
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Tata Consultancy Services (TCS):
- Paid Rs 14,604 crore in taxes.
- IT services, consulting, and business solutions organization.
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ICICI Bank:
- Paid Rs 11,793 crore in taxes.
- Promoted by ICICI Limited in 1994, it’s one of India’s major private sector banks.
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Oil and Natural Gas Corporation (ONGC):
- Paid Rs 10,273 crore in taxes.
- Largest government-owned oil and gas explorer and producer in India.
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Tata Steel:
- Paid Rs 10,160 crore in taxes.
- Asia’s first integrated private steel company, established in 1907.
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Coal India Limited (CIL):
- Paid Rs 9,876 crore in taxes.
- State-owned coal mining corporate, the single largest coal producer in the world.
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Infosys:
- Paid Rs 9,214 crore in taxes.
- NYSE listed global consulting and IT services company.
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Axis Bank:
- Paid Rs 7,703 crore in taxes.
- Third largest private sector bank in India, offering a spectrum of financial services.
Regarding individual taxpayers:
- Mahendra Singh Dhoni paid an advance tax of Rs.38 crore for FY 2022-23, earning approximately Rs.130 crore per annum.
- Akshay Kumar was the highest taxpayer in India for 2022, paying an income tax of Rs.29.5 crore with an estimated annual income of Rs.486 crore.
- Akshay Kumar was also the highest taxpayer in 2021, paying approximately Rs.25.5 crore in taxes yearly.
For state-wise tax collection:https://www.instagram.com/fintaxbytes
- Maharashtra has consistently topped the chart of the highest tax-paying states in India since FY 2019-20, with the government collecting Rs.5,24,498 crore in direct tax from Maharashtra in the previous fiscal year.
These entities and individuals contribute significantly to India’s tax revenues, showcasing their economic importance and fiscal responsibility.
