Advance tax collection in q1 up 5%

Advance tax collection in Q1 up 5%

Advance tax collection from top 100 companies grew to Rs 33,089 crore, a rise of mere 5 per cent against the annual targetted growth rate of 15 per cent as lead corporates including Reliance Industries and BHEL paid lesser tax compared to the corresponding period last year.

The collection stood at Rs 31,631 crore in April-June quarter of 2011-12.

The tax collection figures are till June 18 of the current fiscal, said a Finance Ministry official adding that the mop up is in line with expectations of the Revenue Department for the quarter.

With advance tax collection of Rs 33,089 crore in the quarter, the total direct collections till June 18 stood at Rs 84,333 crore.

The government has set direct tax collection target for the fiscal at Rs 5.70 lakh crore, an increase of 15.2 per cent from the actual collection of about Rs 4.95 lakh crore last financial year.

Advance tax paid by state-run ONGC was 26.84 per cent higher at Rs 1,347 crore in first quarter of the current fiscal, while SBI's payment was up by 6.36 per cent at Rs 1,170 crore.

ONGC and SBI had paid advance tax of Rs 1,062 crore and Rs 1,100 crore, respectively in April-June quarter of 2011-12.

Similarly, Infosys (Rs 440 crore), ICICI Bank (Rs 500 crore), Tata Steel (Rs 270 crore), HDFC Bank (Rs 500 crore), and Wipro (Rs 125 crore) among others paid higher advance tax this quarter in comparison to the same period last year.

State-owned LIC's advance tax payment was up by 9.47 per cent at Rs 638 crore against Rs 583 crore in the first quarter of 2011-12.

However, advance tax payment by Reliance Industries was less by 14.67 per cent in the fist quarter at Rs 768 crore. It had paid Rs 900 crore in the same period last year.

Also, the tax payment by state-run engineering firm BHEL declined by 13.13 per cent to Rs 450 crore against Rs 518 crore.

Other top companies which paid less advance tax in the fist quarter of the fiscal, include Punjab National Bank, SAIL, GAIL, Larsen & Toubro and Sesa Goa.

SOURCE: financialexpress.com