These were India’s 10 highest tax-paying business groups in FY23

India Inc posted record revenue and profits in FY23. This has also increased the tax payments by Indian corporates. Data available with Ace Equity shows that the top 500 listed companies comprising the BSE 500 index paid Rs 3.64 lakh crore in taxes in FY23, which was 7 per cent higher than the Rs 3.41 lakh crore paid in FY22. Public sector undertakings (PSUs) were the biggest contributors to the government’s kitty, paying Rs 1.08 lakh crore in taxes in FY23. Here is the list of the top 10 highest tax-paying business groups from the BSE 500 universe.

After PSUs, Tata Group paid the second highest amount of taxes at more than Rs 30,000 crore. The group has 17 listed firms in BSE 500 index. It is followed by billionaire Mukesh Ambani-led Reliance group. The three listed Ambani companies paid more than Rs 20,730 crore in tax in FY23. HDFC group, with four companies in BSE500 and a tax payment of Rs 20,300 crore, came in fourth. In the fifth spot was the ICICI group, again with four listed companies, and it paid Rs 12,800 crore.

Bajaj Group is in sixth position with six listed companies that paid a combined Rs 10,554 crore in the last fiscal. It was closely followed by London-based billionaire Anil Agarwal-led Vedanta group, as the two listed mining companies paid Rs 10,547 crore in taxes. The Aditya Birla Group, led by Billionaire Kumar Mangalam Birla, was at number eight as its seven listed companies paid Rs 10,100 crore. IT giant Infosys with tax payment of Rs 9,200 crore was at number nine. Finally, Axis Bank was in the tenth position with Rs 7,768 crore in tax payment.

 At the company level, Reliance Industries paid Rs 20,713 crore, followed by State Bank of India (Rs 18,840 crore), HDFC Bank (Rs 15,350 crore), Tata Consultancy Services (Rs 14,604 crore), and ICICI Bank (Rs 11,793 crore).