Vedanta Limited, the mining and metal giant has released the sixth edition of its ‘Tax Transparency Report’ for fiscal 2020-2021. The company is also well recognised as India's biggest producer of aluminium and one of the largest power generators in India.
The report highlights the commodity conglomerate’s focus on transparency, greater accountability towards stakeholders, compliance and details of economic contribution to the society by way of taxes paid.
Vedanta’s contribution to the exchequer during FY 2020-21 was INR 34,562 crore which accounts for 40% of the consolidated turnover. However, amid the challenges caused by the Covid-19 pandemic during the fiscal, Vedanta’s tax contribution in FY21 was nearly INR 550cr higher than the existing financial year.
The tax contribution of Vedanta incorporates income taxes, profit-oil, and significant indirect contributions by way of withholding taxes and indirect taxes. The company over the past 10 years has delivered a total contribution of INR 2.74 lakh crore to the national exchequer.
Anil Agarwal chaired Vedanta Limited is the only corporate in India to come out with such a detailed report that illustrates key components as the economic value generated, taxes paid and contribution by each of the businesses.
The Company’s contribution to the exchequer stands among the top companies in the private sector in regards to direct taxes, while a Direct Economic Value of INR 94,090 crore has been generated during the year.
Vedanta Aluminium business contributed INR 5,017 crore to the exchequer, while the Zinc division contributed INR 15,034 crore, followed by Cairn Oil & Gas at INR 8,585 crore to the overall contribution.
Sunil Duggal, CEO of Vedanta Group said: “Operating responsibly is an integral part of our ethos and governance. In the past 10 years, Vedanta has a made a significant tax contribution of INR 2.74 lakh crore to the exchequer and we are proud of the value we generate and positively impact our economy and how this contributes towards uplifting the communities in which we operate. The focus on tax transparency ensures greater accountability and commitment towards every stakeholder of Vedanta.”
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