NEW DELHI: Natural resources major Vedanta on Tuesday said it has made a contribution of Rs 2.74 lakh crore to the exchequer in the past 10 years.
During 2020-21, Vedanta's contribution to the exchequer was Rs 34,562 crore, which accounts for 40 per cent of the consolidated turnover, the company said in a statement. "Over the past 10 years, the company has made a total contribution of Rs 2.74 lakh crore to the national exchequer," it said.
Despite the challenges posed by the COVID-19 pandemic during the fiscal, Vedanta's tax contribution in FY21 was nearly Rs 550 crore higher than the previous financial year. The tax contribution includes corporate income taxes, royalties, profit-oil, and significant indirect contributions by way of withholding taxes and indirect taxes, it said.
Vedanta added it is the only corporate in the country to come out with such a detailed report that breaks down key components like economic value generated, taxes paid and contribution by each of the businesses.
It noted that in terms of direct taxes, the company's contribution to the exchequer is among the top by companies in the private sector.
A direct economic value of Rs 94,090 crore was generated during the year. "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 Rs 2.74 lakh crore to the exchequer," Vedanta Group CEO Sunil Duggal said.