Contributed over Rs 34K cr to Indian exchequer in FY20: Vedanta Resources

Diversified natural resources firm Vedanta Resources has said it contributed $4.66 billion (Rs 34,018 crore) to the public exchequer in India during the 2019-20 fiscal

Topics

Vedanta Resources | India

Diversified natural resources firm Vedanta Resources has said it contributed USD 4.66 billion (Rs 34,018 crore) to the public exchequer in India during the 2019-20 fiscal.

Its overall contributions to public exchequers of various countries stood at USD 4.7 billion (Rs 34,310 crore) during the fiscal year, Vedanta Resources said in its latest report.

“Consistent with our commitment to building on transparency, we present our fifth tax transparency report. During FY2019-20, our contribution to exchequer was USD 4.7 billion, which accounts for 40 per cent of our consolidated turnover,” Vedanta Resources Chairman Anil Agarwal said.

Most of this amount goes to the Indian exchequer as majority of the groups business operations are located in India.

The company paid USD 1,398 million (Rs 10,205 crore) towards royalties to the state governments of Chhattisgarh, Rajasthan, Andhra Pradesh, Goa and Karnataka based on extraction of bauxite, lead-zinc, iron ore, crude oil and natural gas.

Vedanta has also formed an internal ‘Tax Council’ which acts as an overarching governing body to the tax function as a whole.

The company has adopted guiding tax principle to maintain high standards of integrity with respect to tax compliance and reporting.

In the last seven years, Vedanta has contributed USD 46.4 billion (Rs 3,38,720 crore) to the exchequer which constitutes to around 39 per cent of the company’s consolidated turnover.

It is the highest contribution to the exchequer made by any corporate so far in the last seven years under the present government regime.

The company said that Vedanta is the ‘only’ corporate in the country to come out with such a report that breaks down key components like economic value generated, taxes paid and contribution by each of the businesses, the company said.

In terms of direct taxes, the company’s contribution to the exchequer is amongst the top companies in the private sector, it said.

“The direct economic value of USD 12,475 million (Rs 91,067 crore) has been generated during the year,” it said.

Vedanta Resources Ltd is a diversified natural resource company engaged in exploring, extracting and processing minerals and oil and gas.

The group engages in the exploration, production and sale of zinc, lead, silver, copper, aluminium, iron ore and oil & gas and has its presence across India, South Africa, Namibia, Ireland, Australia, Liberia and UAE.

The group is also in the business of commercial power generation, steel manufacturing and port operations in India and manufacturing of glass substrate in South Korea and Taiwan.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.


We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor