Ports-to-power conglomerate Adani Group on Sunday said group companies paid Rs 58,104 crore in taxes in 2023-24, up from Rs 46,610 crore in the previous financial year.
The taxes paid include direct contributions like global taxes, duties, and other charges borne by Adani portfolio of companies, indirect taxes contributions and duties collected and paid on behalf of other stakeholders, and other levies such as social security contributed for the benefit of the employees.
The conglomerate helmed by billionaire Gautam Adani released its Tax Transparency Reports for the financial year 2023-24 (April 2023 to March 2024).
“For financial year 2023-24, Adani Group’s total global tax and other contributions to the exchequer amounted to Rs 58,104.4 crore, showcasing a significant increase from the previous year’s Rs 46,610.2 crore through its portfolio of listed entities,” it said in a statement.
The details are covered in the independent reports published by seven of the group’s listed entities – Adani Enterprises, Adani Ports and Special Economic Zone, Adani Green Energy, Adani Energy Solutions, Adani Power, Adani Total Gas, and Ambuja Cements.
The figure also includes the tax paid by three other listed companies – NDTV, ACC and Sanghi Industries – that are held by the seven companies.
“As one of India’s largest contributors to the exchequer, we recognise that our responsibility goes beyond compliance. It is also about operating with integrity and accountability. Every rupee we contribute to our nation’s finances reflects our commitment to transparency and good governance.
“By voluntarily sharing these reports with the public, we aim to foster greater stakeholder confidence and set new benchmarks for responsible corporate conduct,” said Gautam Adani, Chairman of Adani Group.
Through this voluntary initiative, the Group aims to demonstrate its commitment to transparency, foster stakeholder trust, and contribute to a more accountable global tax environment, the statement said.
“Adani Group considers tax transparency as an integral part of its broader ESG framework. The group strives to harmonize growth with social responsibility, aiming to transform India’s infrastructure landscape while promoting innovation and creating long-term value for stakeholders,” it added.
With the global tax environment entering a new age, forward-looking companies are voluntarily bringing out the Tax Transparency Report, even though the same is not mandatory.
Through the report, such companies seek to drive wider stakeholder attention and greater credibility, besides creating the basis for the highest standards of tax transparency.
Tax Transparency Report provides a complete breakdown of the Adani Group’s global tax and other contributions. Adani said it engaged a professional agency to provide an independent assurance report on its global contribution to the exchequer.
“By emphasizing transparency and integrity in tax compliance and reporting, the group aims to build trust with stakeholders and demonstrate its commitment to responsible business practices,” it said.
“By voluntarily disclosing information about its global tax contributions, the company strengthens its commitment to economic development, fosters stakeholder understanding, and builds trust through transparent tax practices.”
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
