Gautam Adani is one of the richest people in the world. While he is richer than Mukesh Ambani, why is he not on the Top 10 taxpayers’ list in India? Is he cheating the tax authorities? Is the Government of India letting him go scot-free? Or, has he been given excessive rebates to the tune of thousands of crores?
The answer lies in the fact that tax is levied on corporate profits and not on market cap. Market cap is what makes Adani one of the richest Indians, not his company’s corporate profits. That’s why Reliance and SBI pay far more tax than him.
“A dangerous propaganda has been built to suggest that Prime Minister Narendra Modi has been helping Adani walk away without paying taxes. This is an absolute lie. Adani is an honest taxpayer. One can have problems with the overvaluations of Adani stocks, but corporate entities like Adani are definitely paying corporate taxes honestly,” a commentator said.
The Opposition has been at the forefront of creating the myth that Adani is enjoying a tax holiday or something.
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