Advance tax payments go up 20% by top Mumbai companies
December, 18th 2010
Advance corporate tax collections by the top 90 companies in the Mumbai region were up 29 per cent to Rs 16,580 crore (Rs 12,830 crore) for the quarter ended December.
The region accounts for nearly 45 per cent of the total corporate tax collections in the country.
Sources say the Centre is on track to achieving its indirect tax collection of Rs 4,30,000 crore this fiscal. I do not expect any shortfall so long as the present Government remains stable and overcomes the political crisis, said an executive. Collections in 2009-10 totalled Rs 3,70,000 crore.
Piramal Healthcare, which sold its formulation business to Abbott for $3.72 billion (Rs 16,740 crore) in May, was the second top tax payer this quarter. It coughed up Rs 1,274 crore against just Rs 24 crore in the corresponding period last year. For the fiscal thus far, the company has paid Rs 2,650 crore (Rs 49 crore).
Other pharma companies have also increased their payouts. GlaxoSmithKline paid Rs 90 crore (Rs 85 crore), Lupin Rs 45 crore (Rs 30 crore) and Pfizer Rs 25 crore (Rs 21 crore). Cipla's payout was lower at Rs 70 crore (Rs 80 crore). Though Johnson & Johnson slipped to Rs 26 crore (Rs 36 crore), its total payment till December has nearly doubled to Rs 64 crore.
Among the insurance companies, LIC topped the list with Rs 1,067 crore (Rs 961 crore) followed by Deposit Insurance and Credit Guarantee Corporation with Rs 692 crore (Rs 670 crore). General Insurance Corporation's outgo more than doubled to Rs 95 crore.
As for housing finance companies, ICICI Home Finance paid Rs 70 crore (Rs 56 crore) while LIC Housing Finance forked out Rs 30 crore (Rs 8 crore).
Mangalore Refinery & Petrochemicals also increased its outgo with Rs 245 crore (Rs 68 crore). Thus far, it has paid Rs 480 crore (Rs 231 crore) till December. Tata Power paid lower tax of Rs 58 crore (Rs 81 crore).