Mukesh Ambani, the chairman of Reliance Industries, emerged as India’s highest taxpayer for the fiscal year 2023. Under his leadership, Reliance Industries contributed over ₹20,713 crore in taxes to the government, solidifying its position as a major player in the Indian economy. The company’s substantial tax payments underscore its pivotal role in the business landscape.
Top Taxpayers in the Banking Sector
Following Reliance Industries, the State Bank of India (SBI) and HDFC Bank are the second and third largest taxpayers in India. SBI, with Atanu Chakraborty serving as its independent director and part-time chairman, paid ₹17,649 crore in income tax last fiscal year. HDFC Bank, another key financial institution, contributed ₹15,350 crore in taxes.
Tata Consultancy Services and ICICI Bank
In the IT sector, Tata Consultancy Services (TCS), a prominent company under the Tata Group, paid ₹14,604 crore in taxes during FY 2023. TCS is the second-largest listed company in India. The Tata Group is chaired by Ratan Tata, who holds the position of Chairman Emeritus.
ICICI Bank, ranked as the fourth-largest company in India, paid ₹11,793 crore in taxes for the fiscal year 2023. Sandeep Bakhshi, who succeeded Chanda Kochhar as CEO in 2023, leads the bank through a period of growth and change.
Infosys’ Global Contributions
Infosys, a major IT firm founded by N. R. Narayana Murthy, paid ₹9,214 crore in taxes last year. With a presence in over 56 countries, Infosys continues to be a significant contributor to the global IT sector.
This overview highlights the substantial tax contributions of India’s leading companies, reflecting their economic impact and role in the country’s financial framework.
