Advance tax collection rises 20 per cent during April-Dec
The advance tax collection from India Inc rose 20 per cent during the first nine months of the current fiscal compared to the same period last year, with automobiles, consumer goods and metals leading the pack.
Mumbai: The advance tax collection from India Inc rose 20 per cent during the first nine months of the current fiscal compared to the same period last year, with automobiles, consumer goods and metals leading the pack.
Advance tax payments by industries increased to Rs 1.13 lakh crore from Rs 0.94 lakh crore during the corresponding period last fiscal, Finance Ministry sources said.
In the third quarter (October-December), the collections rose by 22.72 per cent to Rs 54,000 crore on substantial increase in advance payments from automobiles, consumer goods and metal firms.
After better advance tax collections compared to last year the government expects the direct tax collections for the current fiscal to well exceed the budget target of Rs 3.7 lakh crore.
Among the major companies, SBI till December during this fiscal paid an advance tax of Rs 4,695 crore, ONGC Rs 3,713 crore, SAIL Rs 2,263 crore, Maruti Udyog Rs 757 crore and Bajaj Auto Rs 540 crore.
The economy during the second quarter of the current fiscal (July-September) expanded by 7.9 per cent beating estimates.
As the good news continues to trickle, the recent Mid-Year Review of the economy tabled by Finance Minister Pranab Mukherjee said the growth during 2009-10 could exceed the optimistic projection of 7.75 per cent.
In the personal income tax segment, the advance tax collections grew only by 4 per cent to Rs 14,200 crore till December 19 this fiscal from Rs 13,600 crore during the corresponding period last fiscal.
The government in the Budget for 2009-10 has set a target of Rs 3.7 lakh crore as direct tax collection, which was later revised to Rs 4 lakh crore.
Leading state-owned banker SBI paid Rs 1,795 crore as advance tax in the December quarter this fiscal up 5.59 per cent against Rs 1,700 crore during the same period last fiscal.
However, advance tax collections in the December quarter dipped for private banks like ICICI (down 51.8 per cent at Rs 301 crore), Standard Chartered (down 7.26 per cent at Rs 400 crore) and HSBC Bank (down 56.25 per cent at Rs 175 crore).
Among power companies state-owned NTPC in the third quarter has paid Rs 1078 crore, about 68 per cent more than last year in the same quarter while Jindal Power has paid an advance tax of Rs 150 crore, up 114.29 per cent against last year.
In the consumer goods segment which has also improved, Hindustan Lever has paid Rs 200 crore, up 29 per cent compared to last year in the December quarter.