Corporate India shelled out $36.4 Billion as taxes

By siliconindia   |   Wednesday, 08 July 2009, 16:14 IST   |    9 Comments
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Corporate India shelled out $36.4 Billion as taxes
Bangalore: Indian firms have shelled out Rs 1.75 trillion ($36.4 billion) as taxes including the corporate tax and the fringe benefit tax in 2007-08 financial year. Around 4,10,451 companies with a total income of about 4,79,898 crore during 2007-08 were analyzed in the Budget for 2009-10 to determine the tax expenditure. According to the Budget document, these companies paid Rs 1,58, 225 crore as corporate tax, Rs 6,533 as fringe benefit tax and Rs 10, 670 as dividend distribution tax in the financial year 2007-08. Comparing the tax rate of public sector as against the private sector ones, the document stated, "It is evident that the public companies pay a larger proportion of their profits as tax than the private companies." The total tax expenditure for Indian corporate houses, comes out to Rs 1,75,428 crore in the reviewed fiscal.