Top 10 Highest Direct Tax-Paying Companies in India (FY 2024-25)

India’s economic growth continues to accelerate, with the World Bank’s January 2025 report projecting a steady GDP growth rate of 6.7% in both FY26 and FY27, surpassing the global average of 2.7%. A key contributor to this robust economic expansion is the substantial corporate tax revenue generated by the country’s top enterprises. The latest Burgundy Private Hurun India 500 report highlights a remarkable 40% increase in the cumulative valuation of India’s most valuable companies, reaching an estimated US$3.8 trillion (Rs 324 lakh crore). These companies collectively generated sales exceeding US$1 trillion, witnessing 11% growth in revenue, ultimately leading to higher direct tax contributions.

Among the standout performers, Vedanta recorded a staggering 122% growth in corporate tax payments, while HDFC Bank saw a 28% decline. This article presents a detailed insight into India’s top 10 highest direct tax-paying companies in FY 2024-25, their contributions, and their impact on the nation’s economic framework.

Top 10 Highest Direct Tax-Paying Companies in India (2024-25)

The following table lists India’s top tax-paying companies, their respective industries, and their corporate tax contributions for FY 2024-25:

Table: Top 10 Tax-Paying Companies in India

Breakdown of Key Contributors

1. Reliance Industries – The Undisputed Leader

Reliance Industries leads the tax charts, contributing INR 25,707 crore in corporate taxes. As India’s most valuable conglomerate, Reliance operates across diverse sectors, including energy, retail, and telecommunications, making it the highest tax-paying company in India.

2. Tata Consultancy Services (TCS) – IT Giant with Massive Tax Contributions

TCS, India’s largest IT services company, paid INR 15,898 crore in taxes. With consistent revenue growth, strong global presence, and high-margin business models, TCS remains a major contributor to India’s corporate tax revenue.

3. Vedanta – The Biggest Growth Story in Corporate Taxation

Vedanta, a leader in metals and mining, witnessed the highest increase (122%) in tax payments, reaching INR 12,826 crore. This significant rise reflects Vedanta’s expansion and profitability in commodity markets.

4. HDFC Bank – A Decline in Contributions Amid Market Challenges

Despite being one of India’s largest private sector banks, HDFC Bank’s tax payments fell by 28%, totaling INR 11,122 crore. Economic fluctuations and regulatory changes may have impacted its financial performance.

5. Infosys – Sustained IT Sector Growth

Infosys, another IT powerhouse, contributed INR 9,740 crore in corporate tax. With its strong digital transformation focus, Infosys continues to drive tax revenue generation in India’s tech sector.

6. ITC – Consumer Goods Leader with High Tax Outflow

ITC paid INR 6,389 crore in taxes, benefiting from its diverse portfolio spanning FMCG, hospitality, and agriculture. ITC’s steady tax contributions reinforce its strong financial health.

7. Kotak Mahindra Bank – Strengthening Financial Contributions

Kotak Mahindra Bank paid INR 5,887 crore in corporate tax, reflecting its consistent performance in banking, insurance, and asset management.

8. HCL Technologies – IT Growth Continues

HCL Technologies contributed INR 5,257 crore in taxes, leveraging its expanding global footprint in IT services and digital solutions.

9. Larsen & Toubro (L&T) – Engineering and Infrastructure Powerhouse

L&T, one of India’s leading construction and engineering firms, paid INR 4,947 crore in taxes, emphasizing its robust growth in infrastructure development.

10. Bajaj Finance – Expanding Financial Services Footprint

Bajaj Finance, a key player in consumer and business finance, paid INR 4,858 crore in corporate tax. Its strategic growth in loans and credit services contributes significantly to tax revenues.

Impact of High Corporate Tax Payments on India’s Economy

1. Strengthening Government Revenues

The higher corporate tax contributions from these companies boost India’s fiscal strength, allowing for greater public spending on infrastructure, healthcare, and social welfare.

2. Supporting Economic Growth

With India’s economy projected to grow at 6.7% annually, high corporate tax payments reflect strong business performance and economic expansion.

3. Encouraging Foreign Investment

Companies paying high taxes indicate financial stability and growth potential, making India a more attractive destination for foreign direct investment (FDI).

4. Job Creation and Market Expansion

These companies drive employment opportunities and expand domestic markets, ensuring sustainable economic development.