Top-10 Highest Tax Paying Companies in India as of 2024

India is home to many large companies that contribute significantly to the country’s economy by paying taxes. The taxes collected from these companies help the government fund public services like infrastructure, education, and healthcare. Below is a list of the top 10 companies in India that pay the highest amount of taxes.

Tax Collection in FY 2023

In the fiscal year 2023, many Indian companies enjoyed strong profits, making them key contributors to the country’s tax revenue. Several corporations saw their earnings grow, especially those listed on the Nifty 50 index.

According to data from Bloomberg, around 20 companies in the Nifty 50 index performed better than expected. Their earnings before interest, taxes, depreciation, and amortization (EBITDA) exceeded estimates, showing strong financial health.

Top-10 Companies in India that Pay the Highest Amount of Taxes

Reliance Industries Limited which pays the tax of Rs. 20,713 crores, stands as the highest tax paying company of India, followed by State Bank of India, HDFC Bank and Tata Consultancy Services (TCS).

Here is the list of top-10 highest tax paying companies in India as of 2024:

India’s Highest Paying Tax Company – Reliance Industries Limited

Tax payment: Rs.20,713 crores

Reliance Industries Limited, led by Mukesh Ambani, tops the list of the highest tax-paying companies in India for 2024. The company paid ₹20,713 crore in taxes. Reliance is a major player in sectors such as petrochemicals, refining, and telecommunications. Its diverse business portfolio and massive revenues contribute to its significant tax payments, making it a crucial contributor to India’s economy.

Second Highest Tax Paying Company of India – State Bank of India

Tax payment: Rs.17,649 crores

The State Bank of India (SBI) stands as the second-highest tax-paying company in 2024, contributing ₹17,649 crore. As the largest public-sector bank in India, SBI provides a wide range of financial services across the country. Its strong financial performance and extensive reach in banking operations enable it to make substantial tax contributions.

Third Highest Tax Paying Company in India – HDFC Bank

Tax payment: Rs.15,350 crores

HDFC Bank ranks third among the highest tax-paying companies in India for 2024, paying ₹15,350 crore in taxes. It is a leading private-sector bank known for its excellent financial services. With its growing customer base and strong market position, HDFC Bank consistently generates significant profits, which results in large tax payments that contribute to India’s economy.