Advance tax collections from top 100 companies grew to Rs.33,089 crore for the April-June period, a mere 5 per cent rise against the annual targeted 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 collections stood at Rs.31,631 crore in April-June quarter of 2011-12.
The tax collection figures were up to June 18 of the current fiscal, said a Finance Ministry official.
With advance tax collections of Rs.33,089 crore in the quarter, total direct collections till June 18 stood at Rs.84,333 crore.
Advance tax paid by ONGC was 26.84 per cent higher at Rs.1,347 crore in the 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 the 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. 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 at Rs.768 crore, and BHEL by 13.13 per cent to Rs.450 crore (Rs.518 crore).
Other top companies, which paid less advance tax include PNB, SAIL, GAIL, L&T and Sesa Goa.