Facebook India Online Services (FIOS), Meta’s Indian subsidiary, registered a 74% year-on-year (YoY) growth in its advertising business in the country in the fiscal year 2021-22. Its gross revenue now stands at Rs 16,189 crore, as per the company’s latest filings with the Ministry of Corporate Affairs, Economic Times reported. Its net profit grew by 132% (YoY), from 136 crores to 297 crores indicating its growth. The company paid Rs 907 crore as an equalisation levy on its gross ad revenues to the Indian government. An equalisation levy is a tax levied on “non-resident e-commerce companies” buying certain goods or services or both using an internet protocol address located in India, according to accounting firm Pioneer One. Facebook India Online Services' income for the fiscal year 2021-22 was Rs 2,324 crore which includes the net advertiser reseller revenue (Rs 889 crore), IT-ITES services (Rs 1,420 crore) and other income (Rs 15 crore), as per the filings, economic times. Note: A change was made to reflect that the story was referring to Facebook India Online Services' (FIOS) income and not Meta's Read more: Meta’s Stakeholders Worry About Problematic Content Moderation On Facebook And Other Platforms India Looking To Make Google, Facebook Compensate News Publishers: Report Exclusive: MeitY Cites ‘Fiduciary Relationship’ To Avoid Giving Information On Facebook Investigation
