Marginal rise in advance tax payout by top Mumbai firms
December, 19th 2013
Reflecting the economic slowdown, the advance tax remittance by top 100 Mumbai-based companies registered a moderate growth of just eight per cent in the December quarter to Rs 21,630 crore against Rs 20,094 crore recorded in the same period last year, according to sources in the Income-Tax Department.
Payment by these companies was up 10 per cent at Rs 54,449 crore (Rs 49,587 crore) in the first three quarters of this fiscal.
Mumbai-based companies had paid Rs 67,489 crore as advance tax in the last fiscal.
The contribution of top Mumbai companies is of significance as they account for 30 per cent of the overall annual corporate tax collection. Corporate houses have to pay advance tax on their projected earnings a fortnight before the end of every quarter.
While State Bank of India trimmed its payment, HDFC Bank and ICICI Bank increased their payout by 29 per cent and 48 per cent to Rs 1,350 crore and Rs 1,000 crore, respectively.
YES Bank’s outgo was up 19 per cent at Rs 250 crore.
Despite the banking sector being stressed out by rising bad loans, payments by Bank of Baroda and Bank of India were up at Rs 575 crore (Rs 550 crore) and Rs 200 crore (Rs 125 crore).
One of the largest tax payers, the Deposit Insurance and Credit Guarantee Corporate paid marginally higher tax of Rs 978 crore (Rs 976 crore).
Life Insurance Corporation marked up its payment by 25 per cent to Rs 1,623 crore while Nabard paid Rs 460 crore (Rs 280 crore).
The country’s largest refiner Reliance Industries paid just two per cent more tax of Rs 1,571 crore (Rs 1,535 crore).
Given the buoyancy in the IT sector, Tata Consultancy Services’ payment was up 62 per cent at Rs 1,310 crore.
Among the other Tata Group companies, Tata Steel paid 15 per cent more at Rs 600 crore, while that of Tata Power’s contribution rose nine per cent at Rs 85 crore. While Tata Motors skipped tax payment for the quarter, Tata Chemicals’ was down 36 per cent at Rs 45 crore.
Among Aditya Birla Group companies, payment of UltraTech Cement and Grasim Industries more than halved to Rs 160 crore (Rs 365 crore) and Rs 30 crore (Rs 68 crore), while Hindalco Industries’ dipped 22 per cent to Rs 90 crore.
Bajaj Auto’s tax remittance was up 15 per cent at Rs 540 crore, while Mahindra and Mahindra’s payout was down 15 per cent at Rs 251 crore.