Reliance Retail, L&T lead as advance tax growth picks up in Q2

RIL has reportedly not paid a second instalment of advance tax owing to a heavy fall in crude oil prices, which has left the company with no margin on refining.

Major technology and manufacturing companies, including Infosys, Tech Mahindra, HCL, and Larsen & Toubro (L&T), reported a jump in tax payment in the second quarter, as companies ramped up operations after relaxation in pandemic induced-lockdown.
 
Even foreign banks like HSBC, Deutsche Bank, and JP Morgan Chase reported double-digit growth in payment.
 
However, some heavyweights like Reliance Industries (RIL), Life Insurance Corporation (LIC), State Bank of India (SBI), and HDFC Bank continued to drag.
 
RIL has reportedly not paid a second instalment of advance tax owing to a heavy fall in crude oil prices, which has left the