It's one of the toughest times India Inc has faced. With a slowdown in the economy, rising inflation and eroding profits, there is tremendous pressure on companies across sectors. The worst hit are the oil companies as crude prices are zooming to record highs.
But there is a silver lining amidst the gloom, especially for the government. With the tax coffers filling up like never before, thanks to more taxes being paid by India's top performing companies, the government can breathe at least a little easier.
Despite incurring heavy losses, India's oil companies are the top taxpayers. Read on to find out who the top 10 corproate taxpayers in India are...
1. ONGC
The Oil and Natural Gas Corporation retained its position as the highest corporate taxpayer for the financial year 2007-2008 though it paid a lesser amount than in the previous year.
It paid taxes to the tune of Rs 9,557 crore (Rs 95.57 billion) compared to Rs 10,045 crore (Rs 100.45 billion) in 2006-07.
India Inc contributed 60 per cent to the direct tax collection, which amounts to a whopping Rs 1,88,770 crore (Rs 1887.70 billion).
Image: An oil rig. | Photograph: Oddvar Walle Jensen/AFP/Getty Images
Also read: It's raining millionaires in India
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