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Advance tax paid by the top 100 Mumbai-based companies for the March quarter was almost flat. This was despite leading banks and financial institutions remitting marginally higher advance tax.
In the first three quarters of this fiscal, these companies paid a marginally lower advance tax of Rs 43,123 crore (Rs 43,586 crore for three quarters last year). The Government had increased the direct tax collection target by 31 per cent to Rs 5.85 lakh crore for this fiscal.
The net direct tax (after providing for refunds) mop-up for the first 10 months of this fiscal was up 9.28 per cent to Rs 3.46 lakh crore. With the dip in collection growth, it is unlikely that the target of Rs 5.85 lakh crore for 2011-12 will be met, said a source in the Income-Tax Department.
State Bank of India paid 10 per cent more advance tax at Rs 1,650 crore (Rs 1,500 crore), while ICICI remitted Rs 425 crore (Rs 450 crore). HDFC Bank's payment was up at Rs 600 crore (Rs 550 crore) and Bank of India's at Rs 400 crore (Rs 320 crore).
Reliance Industries, which has seen drop in production at its KG Basin oil block and a squeeze in refining margins, paid Rs 1,130 crore (Rs 1,054 crore). LIC's payment was Rs 971 crore (Rs 931 crore).
It was a mixed bag for the Tax Department from the Tata Group companies. TCS led the pack with Rs 550 crore (Rs 220 crore), Tata Power more than doubled its outgo at Rs 90 crore (Rs 40 crore). Tata Motors maintained it at last year's level of Rs 50 crore, while Tata Steel's was lower at Rs 900 crore (Rs 950 crore).
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