Millennium Post
Business

Advance tax collection up 5% at Rs 33,089 cr

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 18 June of the current fiscal, said a finance ministry official.

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