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The advance tax paid by top 100 Delhi-based corporate houses jumped 12 per cent to Rs 7,335 crore (Rs 6,570 crore) in the December quarter even as companies such as BHEL, PNB, Oriental Bank and Bharti Airtel were trailing well behind what they had paid during the same period last year.
These companies’ contribution to the exchequer in the first nine months of this fiscal was up five per cent at Rs 18,403 crore (Rs 17,593 crore), according to sources in I-T Department. The top 100 Mumbai-based companies reported a 17 per cent jump in remittances to Rs 20,047 crore (Rs 17,149 crore).
Given the current shortage and rising demand for electricity, it was of little surprise that the top three advance tax payers in this quarter were from this sector.
NTPC, which is waiting to hit the capital market with a follow-on public offer, has topped the list of advance tax payers by remitting Rs 1,035 crore (Rs 836 crore). It was followed by Power Finance Corporation and Rural Electrification Corporation with a substantial increase in their payments at Rs 458 crore (Rs 207 crore) and Rs 420 crore (Rs 100 crore).
Korean mobile handset maker Samsung (I) Electronic increased remittances four times to Rs 238 crore (Rs 51 crore) this quarter. Its advance payment in the first three quarters of this fiscal was much higher at Rs 623 crore, against Rs 164 crore logged last year. It had paid just Rs 263 crore for the whole of the last fiscal. In contrast, Nokia’s outgo was lower at Rs 70 crore (Rs 90 crore).
Maruti Suzuki bounced back with a remittance of Rs 200 crore (Rs 10 crore). IT and software major HCL Technologies more than doubled its payment to Rs 240 crore (Rs 100 crore). Its advance tax payment in the nine months of this fiscal at Rs 450 crore is much higher than Rs 304 crore paid for the entire fiscal last year.
Despite the demand slowdown, SAIL has enhanced payment to Rs 406 crore (Rs 253 crore). However, its payment in the three quarters of this fiscal was lower compared to the last fiscal.
BHEL disappointed by cutting down its payment 36 per cent to Rs 564 crore (Rs 882 crore). For the nine months of this fiscal, it has paid lower advance tax of Rs 1,914 crore (Rs 2,258 crore). BHEL paid Rs 3,133 crore last fiscal.
Payment by Punjab National Bank and Oriental Bank of Commerce was down 40 per cent and 50 per cent at Rs 400 crore (Rs 670 crore) and Rs 100 crore (Rs 200 crore) respectively.
The intense competition and uncertainty over spectrum allocation may have led to Bharti Airtel trimming its payout to Rs 100 crore (Rs 142 crore). The company’s payment is down 56 per cent to Rs 247 crore (Rs 564 crore) for nine months. It had paid Rs 627 crore last year.
>suresh.iyengar@thehindu.co.in
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