New Delhi: Even for a layman, it would be surprising to know that the Adani Group is among the top 10 corporate taxpayers.
Instead, it is the Tata Consultancy Service(TCS) that is the highest taxpaying company with $1.4 billion also beating Mukesh Ambani-led Reliance Industries Limited(RIL).
Adani Group chairman Gautam Adani had the world under his feet when he entered the list of top 10 richest people in the globe. But his joy turned into a nightmare when the New York based think-tank Hindenburg Research published a report in Jan 2023 on the malpractices of the 10 companies conglomerate.
From mining to green energy to shipping to aviation to power and others, his companies are spread across diverse sectors. One might, therefore, expect Adani’s companies, including his flagship Adani Enterprises in particular, to be among the top corporate taxpayers in India. But no Adani firm even features in the top 10.
Seven Adani companies are listed firms, with their total market capitalization at $123.2 billion, down from $267.1 billion on Jan. 24th, when the Hindenburg report was released. The report triggered a massive sell-off in stocks of the Adani Group. Adani’s personal fortune too crashed, pulling him from the third position to out of the top 30 list in the world’s richest list.
In 2022, Tata Consultancy Services (TCS) paid more tax than any other Indian company, followed by Reliance Industries and the software giant Infosys, Mint reported over the weekend.
While Tata Consultancy Service paid a total tax of $1.4 billion for the fiscal year ending March 2022, Adani Enterprises paid a mere $58.3 million during the same period, as per a Quartz report mentioning data from various companies’ annual reports.
Here’s the list of companies that paid the most corporate tax in 2022:
- TCS: $1404 million
- Reliance Industries: $937.7 million
- Infosys: $883.3 million
- ICICI Bank: $844.9 million
- ITC: $580.9 million
- HCL: $417.3 million
- HUL: $355.6 million
- Bajaj Finance: $272.2 million
- Larsen & Toubro: $261.9 million
- UltraTech Cement: $149.3 million