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Top 10 Highest Tax Paying Companies in India: For many Indian corporations, the fiscal year 2023 proved to be the year of significant profitability, with many emerging as key taxpayers.
Approximately 20 entities in the Nifty 50 index exceeded their EBITDA estimates for the year, according to Bloomberg data.
As per the analysis of Motilal Oswal, the profit-to-GDP ratio for the Nifty 500 companies has reached an impressive 4.8%, up from 4% in FY 2023-24, marking the highest level in 15 years.
Additionally, the Press Information Bureau (PIB) also highlighted that the gross corporate tax collection (provisional) in FY 2023-24 is ₹11.32 lakh crore, marking a growth of 13.06% over the previous fiscal year’s gross corporate tax collection of ₹10 lakh crore.
On the other hand, the net corporate tax collection (provisional) for FY 2023-24 stood at ₹9.11 lakh crore, showcasing a growth of 10.26% in contrast to the preceding year’s net corporate tax of ₹8.26 lakh crore.
As in India, increased revenues translate into higher tax obligations; these corporate entities have driven overall growth in corporate tax revenue.
This upward trend in tax revenue is largely driven by record profits and revenues across various sectors, particularly in banking, oil, and technology.
Notably, Reliance Industries Ltd., India’s largest firm by market capitalisation and the most profitable for the year, claimed the top rank with Rs 20,713 crore in tax payments for the FY 2023.
Following, State Bank of India and HDFC Bank Ltd. ranked second and third, with taxes of Rs 17,649 crore and Rs 15,350 crore, respectively.
Here’s a list of the top 10 highest tax-paying corporations in India for FY 2023, as per Bloomberg:
| Rank | Company Name | Tax Paid (in Rupees, Crores) |
| 1 | Reliance Industries Limited | ₹20,713 cr |
| 2 | State Bank of India | ₹17,649 cr |
| 3 | HDFC Bank | ₹15,350 cr |
| 4 | Tata Consultancy Services (TCS) | ₹14,604 cr |
| 5 | ICICI Bank | ₹11,793 cr |
| 6 | Oil and Natural Gas Corporation (ONGC) | ₹10,273 cr |
| 7 | Tata Steel | ₹10,160 cr |
| 8 | Coal India | ₹9,876 cr |
| 9 | Infosys | ₹9,214 cr |
| 10 | Axis Bank | ₹7,703 cr |
Source: Bloomberg
On an interesting note, Shah Rukh Khan, also known as the ‘King of Bollywood,’ has emerged as the highest taxpayer for the financial year 2024. Khan overtook Akshay Kumar, with an advance tax contribution amounting to an impressive ₹92 crore.
In the world of sports, Indian cricketer Virat Kohli stands out as the highest taxpayer, contributing ₹66 crore, making him one of the wealthiest athletes in India.
