Reflecting the strain in the economy, advance tax paid by top companies headquartered in Mumbai has increased by less than one per cent in the March quarter to ₹20,970 crore against ₹20,890 crore in the same period last year.

High interest rate and slowing demand hit most corporates leading to lower payout during the quarter. Corporate houses pay advance tax based on their capital spend and future earning prospects. A lower remittance reflects their weak sentiment.

For the financial year ending March, tax payout by these 100 companies was up 11 per cent at ₹85,470 crore against ₹76,980 crore, sources said.

State-owned insurance behemoth LIC and State Bank of India retained their top slot as largest tax payers by paying ₹1,470 crore and ₹1750 crore respectively in the March quarter against ₹1,280 crore and ₹1,450 crore paid in the same period last year.

Reliance Industries’ payout was up 16 per cent at ₹1,590 crore, while HDFC Bank’s payment jumped to ₹1.400 crore (₹1,017 crore).

ICICI Bank and Kotak Mahindra Bank’s tax outgo was up 32 per cent and 21 per cent respectively at ₹1,295 crore and ₹210 crore.

Among public sector banks, Bank of Baroda’s payment was down 44 per cent at ₹200 crore even as Bank of India and Union Bank of India paid higher at ₹200 crore (₹360 crore) and ₹240 crore (₹225 crore).

TCS and Tech Mahindra paid marginally higher advance tax of ₹1,140 crore (₹1,130 crore) and ₹180 crore (₹105 crore).

Tata Steel tax payment more than halved to ₹300 crore (₹700 crore) while JSW Steel paid ₹5 crore (₹110 crore). L&T's was down 41 per cent at ₹170 crore.

While BPCL more than halved its tax payment to ₹318 crore (₹705 crore), HPCL maintained it at last year's level of ₹70 crore. Indian Oil Company's remittance was down 12 per cent at ₹514 crore (₹595 crore).

Hit by lower infrastructure and realty spend, almost all the major cement companies paid lower tax. UltraTech Cement’s outgo was down sharply at ₹15 crore (₹130 crore).

Holcim group companies Ambuja Cement and ACC paid lower tax at ₹135 crore (₹170 crore) and ₹100 crore (₹110 crore). Lafarge maintained its tax payment at last year's level of ₹15 crore.

Most Aditya Birla Group companies trimmed their payments. Grasim Industries and Hindalco paid each 65 per cent lower tax at ₹22 crore and ₹60 crore, while Adiya Birla Nuvo, which paid ₹46 crore last year, skipped tax payment this year.

Automobile companies M&M and Bajaj Auto paid lower tax of ₹115 crore (₹180 crore) and ₹230 crore (₹335 crore).

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