Mumbai: Most of the leading corporates have paid marginally higher advance tax in the first quarter of the current fiscal despite widening economic gloom, sources in the Income Tax Department said on Friday.
The list is being led by SBI, which is likely to have paid Rs 1,170 crore in the first quarter as against Rs 1,100 crore in the year ago period.
LIC is believed to have paid Rs 630 crore in advance tax this quarter as against Rs 582 crore in the first quarter of last fiscal, sources said.
Housing finance major HDFC paid Rs 300 crore in the quarter as against Rs 255 crore last year, while its banking subsidiary HDFC Bank have paid Rs 500 crore against Rs 400 crore in Q1, FY12, they said.
State-run Bank of Baroda paid Rs 315 crore (Rs 270 crore), while another public lender Bank of India's payout was almost flat at Rs 175 crore as against Rs 170 crore.
Top private lender ICICI Bank too saw its tax payout rising 25 percent to Rs 500 crore, while small-sized private lender IndusInd Bank saw its outgo rising 50 percent to Rs 60 crore and Kotak Mahindra Bank by 25 percent to Rs 75 crore in the quarter.
Tech giant TCS paid a handsome Rs 320 crore as against Rs 250 crore, and bike maker Bajaj Auto paid marginally higher Rs 150 crore against Rs 125 crore, sources said.
Among the non-financial sector corporates, auto major M&M's tax outgo stood flat at Rs 90 crore, FMCG major HUL saw its tax payout rising to Rs 140 crore from Rs 95 crore, and that of Tata Steel rose to Rs 270 crore from Rs 260 crore.
Hit by global economic crisis and a slew of domestic factors, the economic growth has slumped to 5.3 percent in the fourth quarter of FY2011-12, the lowest in nine years.
However, among other leading corporates, L&T saw its outgo falling to Rs 160 crore from Rs 180 crore, Tata Motors to Rs 55 crore from Rs 60 crore, Hindalco to Rs 50 crore from Rs 70 crore and Godrej Consumer Products to Rs 15 crore from Rs
17 crore in the same quarter of last fiscal.
Cement major Ultratech saw its outgo nearly trebling to Rs 110 crore against Rs 40 crore, while pharma major Glaxosmithkline paid Rs 50 crore (Rs 43 crore) and lubes major Castrol saw its outgo dipping marginally to Rs 38 crore (Rs 40 crore).
Oral care major Colgate Palmolive paid Rs 24 crore against Rs 20 crore, while drug major Cipla's tax outgo was Rs 45 crore (Rs 35 crore), the sources said.
Central power utility NPCIL paid Rs 82 crore as against Rs 60 crore, cement makers Ambuja paid Rs 60 crore (Rs 50 crore) and ACC Rs 45 crore as compared to Rs 40 crore.
Pharma firm Lupin saw its tax outgo more than doubling to Rs 38 crore from Rs 18 crore, while fertiliser major RCF saw it payout nearly increasing two-time to Rs 17 crore from Rs 9 crore. Glenmark paid Rs 7.50 crore (Rs 3 crore) and Johnson & Johnson Rs 26 crore (Rs 17 crore).
Significantly, state-run refiner Indian Oil paid Rs 125 crore in advance tax as against nil last year. TCS E-serve paid Rs 25 crore, the same as last year, the sources added.
First Published: Friday, June 15, 2012, 16:09