Corporate India received Rs 7.74L cr in rebates past five years

New Delhi: In the last five years, India Inc has received Rs 7.74 lakh crore in corporate tax rebates, as per data shared by the Ministry of Corporate Affairs in Rajya Sabha. The five biggest recipients of tax rebates for the five years were Tata Consultancy Services, Power Grid Corporation of India, Infosys Ltd, HCL Technologies Ltd, and Wipro Ltd, respectively.

As per the data tabled by MCA on February 4, for assessment year (AY) 2019-20 to AY2023-24, the highest rebate was given in AY2019-20, of Rs 1.634 lakh crore, followed by AY2022-23, of Rs 1.632 lakh crore. The lowest amount of rebate was given in AY2021-22, of Rs 1.37 lakh crore.

The reply, by the Minister of State for Corporate Affairs Harsh Malhotra, was in response to questions raised by Kerala Member of Parliament Jebi Mather Hisham.

Along with data on tax rebate by assessment years and names of companies, Hisham had also asked whether the government has evaluated the positive impact of tax rebates to the corporate sector economic growth, and if there are any plans to refine polices ensuring that corporate investments are translated effectively into job creation?

“No data with regard to impact of tax rebates and other benefits on the growth of corporate sector or employment opportunities created, is maintained by this Ministry,” the MCA said in its tabled reply.

Among the companies, TCS Ltd received the highest amount of rebates at Rs 19,334 crore, followed by Power Grid (Rs 12,864 crore), Infosys (Rs 10,319 crore) and HCL tech (Rs 6,890 crore). Wipro Ltd received rebates of Rs 5,449 crore, followed by NTPC Ltd at Rs 5336 crore and Nuclear Power Corporation of India at Rs 4,335 crore.

Among the top fifty companies by rebates received, as per the data shared, three were Tata Group companies, namely TCS, Tata Motors, and Tata Elxsi.