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A year after the international financial crisis began, the Indian economy seems to be on the mend with advance tax payments made by companies showing a healthy rise.
While all-India final figures are yet to be computed, initial trends suggest that advance tax collections in the second installment would top the Rs 40,000-crore mark collected in September, 2008.
In Mumbai, which accounts for 40% of the country's direct tax collections, advance receipts are expected to rise by 20%. "Companies in the banking, auto, and oil & gas sectors have done well," an official said.
While State Bank of India has shelled out Rs 1,838 crore as advance tax in the second quarter as against Rs 1,560 crore a year ago; the second-largest ICICI Bank has paid Rs 501 crore for in the period. Other public sector banks like Bank of India paid Rs 470 crore this September as against Rs 230 crore a year ago while Bank of Baroda paid Rs 412 crore compared with Rs 255 crore in September 2008.
Central Bank of India paid Rs 73 crore as advance tax, while Yes Bank shelled out Rs 58 crore in the second trance, ending September 15. In the Tata Group of companies, Tata Steel's advance tax outgo rose by nearly 74%, to Rs 400 crore, in this installment over the same period last fiscal, while Tata Consultancy Services saw its advance tax bill rise to Rs 220 crore.
Tata Motors paid Rs 100 crore as advance tax in this quarter, compared with a mere Rs 19 crore a year ago.
The hospitality industry, however, has proved to be a disappointment.
For instance, Indian Hotels has not paid any advance tax for the current quarter, though it paid Rs 150 crore last time, an official said. The department is still computing the figures, he added.
The September 15 installment is a crucial indicator of performance of companies as by then nearly half their advance tax liability for the fiscal is paid. |
