Advance tax collections from the top Mumbai-based companies in the second-quarter of 2013-14 reflect the sombre mood in the economy with early collection figures showing only high single-digit growth, according to Income-tax Department officials. Mumbai contributes about a third of the total national corporate tax collections, and the quarter ended September 2013 has been a mixed bag.
State Bank of India paid Rs.1,120 crore (Rs.1,820 crore). While Dena Bank’s outgo fell to Rs.50 crore (Rs.180 crore), Bank of India paid Rs.270 crore (Rs.200 crore) and Bank of Baroda Rs.630 crore (Rs.620 crore). Among private sector banks, ICICI Bank paid Rs.975 crore (Rs.815 crore) while HDFC Bank paid Rs.1,375 crore (Rs.1,100 crore).
While Reliance paid the highest in the private sector at Rs.1,670 crore (Rs.1,534 crore), insurance major LIC paid Rs.1,624 crore (Rs.1,307 crore), the IT official said.
TCS paid Rs.1,005 crore (Rs.812 crore) while FMCG major Hindustan Unilever paid Rs.305 crore (Rs.300 crore).
Advance tax is a mode of quarterly payment of tax by companies and reflects their likely performance during the period. Last week, the government directed all authorised banks to keep their designated branches open during the week-end to enable payment of the second quarter advance tax by September 15. Surprisingly, oil marketing giant Indian Oil Corporation paid Rs.255 crore (nil) and BPCL Rs.202 crore (nil). Among housing finance companies, HDFC paid Rs.650 crore (Rs.570 crore) while LIC Housing Finance paid Rs.118 crore (Rs.113 crore).
Infrastructure major L&T’s outgo was flat at Rs.350 crore while cement companies’ tax outgo was lower with ACC at Rs.85 crore (Rs.96 crore), UltraTech Cement at Rs.160 crore (Rs.250 crore) and Ambuja Cement at Rs.115 crore (Rs.150 crore), the official said.
Among auto majors, Mahindra and Mahindra’s tax outgo was up at Rs.230 crore (Rs.200 crore) while for Tata Motors it was nil (Rs.85 crore).