The conglomerate helmed by billionaire Gautam Adani released its Tax Transparency Reports for the financial year 2023-24 (April 2023 to March 2024).
The Adani Group, helmed by billionaire Gautam Adani, released its Tax Transparency Reports for the fiscal year 2023-2024 (April 2023 to March 2024) on Sunday. According to the release, the group paid Rs 58,104 crore in taxes in 2023-24, up from Rs 46,610 crore in the previous financial year.
The taxes paid by the Adani portfolio of companies include direct contributions such as global taxes, duties, and other charges. Additionally, they include indirect tax contributions, duties collected and remitted on behalf of other stakeholders, and levies like social security contributions for employee benefits.
Adani Group’s total global tax
“For the 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.
Aim to foster greater stakeholder confidence: Gautam Adani
Gautam Adani, Chairman of Adani Group said, “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.”
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.
Companies voluntarily bringing out Tax Transparency Report
As the global tax landscape evolves, forward-thinking companies are proactively publishing Tax Transparency Reports, even though it is not a mandatory requirement. 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 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.”
(With PTI inputs)
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