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| Advance tax from top 50 firms up 10.5% in Q4 |
| Press Trust of India / New Delhi Mar 18, 2009, 17:54 IST |
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The government has collected 10.5 per cent more advance tax from 50 largest corporate tax payers in the fourth quarter of this fiscal year-on-year, but the impact of slowdown is clearly visible, with 36 per cent of these companies coughing up less payment during the period.
Advance tax payment by these 50 firms stood at Rs 16,252.48 crore in the fourth quarter against Rs 14,703.19 crore in the year ago period, sources said.
ONGC paid the highest advance tax of Rs 2,102 crore in the fourth quarter, but this represented just 0.48 per cent more than the corresponding period last year.
As many as 18 of the 50 companies paid less advance tax in Q4 compared to a year ago period, the sources said.
These companies are SAIL, NTPC, BHEL, RIL, ITC, GAIL, StanChart, HDFC, Sesagoa, NABARD, NALCO, Infosys Techologies, Hindustan Zinc, Deutsche Bank, Corporation Bank, Maruti Udyog, Mangalore Refinery and Hindalco.
Power Finance Corporation paid Rs 173.10 crore, which is as much as 1,158.91 per cent more than a mere Rs 13.75 crore paid by it in the corresponding period last year.
In the entire fiscal, 50 largest corporate tax payers paid Rs 59,441.86 crore, which is 11.36 per cent higher than Rs 53,378.92 crore paid by them last year.
The impact of slowdown is clearly visible in certain cases like Corporation Bank paid just Rs 2 crore in the fourth quarter of this fiscal against Rs 110 crore in the corresponding period last year. However, for the entire fiscal, the bank paid 73.54 per cent higher advance tax at Rs 427 crore as compared to Rs 270 crore last year.
In the auto sector, Maruti Udyog paid just Rs 37.80 crore in Q4 against Rs 210.50 crore in the previous Q4.
Steel major SAIL paid Rs 849 crore in the fourth quarter, down 30.92 per cent compared to Rs 1,229 crore in the same period last year.
Similarly, BHEL paid 33.33 per cent less advance tax in Q4, NTPC 15.72 per cent, Reliance Industries (RIL) 17.61 per cent, ITC 28.99 per cent, Gail India 66.67 per cent, Sesa Goa 43.79 per cent, Infosys Technologies 16.67 per cent and Hindustan Zinc paid 75 per cent less advance tax.
Besides PFC, other firms which drastically improved their tax payment include SIDBI, JP Morgan Chase Bank, Citibank and Bank of India.
Even as ONGC paid the highest tax, its payment declined by 8.99 per cent at Rs 7,558 crore in the entire fiscal from Rs 8,305 crore a year ago.
Besides, RIL and Mangalore Refinery in the oil sector emerged among the 50 largest advance tax payers. However, both firms paid less advance tax in Q4 year-on-year.
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