InvestorQ : Why has Vedanta been touting its tax contributions to the government in recent statements?
Archita Jajjoo made post

Why has Vedanta been touting its tax contributions to the government in recent statements?

Answer
image
Niti Shenoi answered.
2 weeks ago
Follow

This appears to be a reaction to the government asking Vedanta to pay 10% higher profit sharing for the Barmer contract for extension beyond 2020. Vedanta has tried to underline that the company had contributed Rs.34,000 crore to the government last fiscal year by way of oil royalties as well as direct and indirect taxes, although such costs are passed on.

Vedanta specifically mentioned that it had contributed a total of Rs.339,000 crore to Indian government over the last 7 years, or 40% of its total turnover. However, the government also appreciates that Vedanta has got a lot of mineral companies in India pretty cheap. Vedanta wants the Barmer contract to be extended on 1995 terms, despite court order.

0 Views