Reliance Industries Ltd (RIL) has made a substantial contribution of over ₹10 lakh crore to the Indian exchequer since FY18. In FY24 alone, the company contributed ₹1.86 lakh crore, marking the sixth consecutive year it has paid more than ₹1 lakh crore in taxes and duties. Notably, this cumulative outlay of ₹10 lakh crore matches RIL’s total revenue for FY24, which reached ₹10 lakh crore.
For FY24, Reliance Industries reported a 7% increase in net profit, totaling ₹79,020 crore. Over the past three years, its net profit has grown at an annualized rate of 14%, and its tax contributions during this period amounted to ₹5.5 lakh crore, as detailed in RIL’s annual report.
Mukesh Ambani, Chairman and Managing Director of RIL, expressed pride in the company’s role in India’s economic growth, emphasizing their commitment to innovation and excellence. Reliance Industries remains the largest corporate taxpayer in India and ranks prominently among contributors to indirect taxes. In FY24, RIL paid ₹25,707 crore in taxes, surpassing the State Bank of India, which paid ₹23,377 crore, according to Bloomberg data.
This contribution represents nearly 3% of the total corporate tax collected by the government in FY24, which was ₹9.11 lakh crore. Remarkably, RIL’s tax contributions could cover 4% of India’s planned expenditure for FY25, which is budgeted at ₹48.21 lakh crore. This figure also exceeds the government’s planned expenditure for the agriculture sector.
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