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Vedanta contributes over Rs 2.74L crore to exchequer in the past 10 years

Vedanta contributes over Rs 2.74L crore to exchequer in the past 10 years 1

Delhi/Mumbai, August 31, 2021: Demonstrating its commitment towards the highest standards of corporate governance, Vedanta Limited has unveiled the sixth edition of its ‘Tax Transparency Report’ for the fiscal 2020-2021. The report highlights the conglomerate’s focus on transparency, greater accountability towards stakeholders, compliance and details of economic contribution to the society by way of taxes paid.

During FY 2020-21 Vedanta’s contribution to the exchequer was Rs. 34,562 crore which accounts for 40% of the consolidated turnover. Despite the challenges posed by the Covid pandemic during the fiscal, Vedanta’s tax contribution in FY 21 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. Over the past 10 years, the company has made a total contribution of Rs 2.74 lakh crore to the national exchequer.

Vedanta Limited 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.

In terms of Direct Taxes, the Company’s contribution to the exchequer is among the top companies in the private sector. A Direct Economic Value of Rs 94,090 crore has been generated during the year.

According to Vedanta Group CEO Sunil Duggal: “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 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.”

The highest contribution to exchequer was made by Vedanta’s Zinc business at Rs.15,034 crore followed by Cairn Oil & Gas at Rs 8,585 crore. The Aluminium business contributed Rs 5,017 crore to the overall contribution.

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.

Vedanta Limited believes in long term sustainable value creation for multiple stakeholders, including the government and society at large. Transparency being the core value, the company remains at the forefront of tax reporting by managing tax affairs in a succinct and straightforward manner.

Vedanta has extended full support to the nation’s fight against the Covid-19 pandemic through contributions to the PM CARES fund and undertaking multiple initiatives, including setting up of 10 field hospitals pan India and supply of oxygen, that positively impacted the lives of more than 15 lakh people.

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