PSUs lead in advance tax payment in AY 2007, SAIL tops
March, 20th 2007
The Indian economy is on a roll and its robustness is being felt in the advance tax collection figures. Public sector steel major Steel Authority of India (SAIL) has emerged as the top advance tax payer in the capital, followed by two other PSU majors, BSNL and BHEL, up to March 15, 2007.
SAIL paid 88.8% more at Rs 3,256 crore compared to a payment of Rs 1,725 crore up to March 15, 2006. The advance tax payment by BSNL witnessed a whopping jump of 1,640% to Rs 1,400 crore up to March 15, 2007 compared to Rs 530 crore up to March 15, 2006.
Bharat Heavy Electricals advance tax payments grew by 43.1% to Rs 1,302 crore up to March 15, 2007 compared to Rs 910 crore in the same period in the previous fiscal. Punjab National Bank paid 26.3% more in advance tax this fiscal at Rs 720 crore compared to Rs 570 crore last year. Airport Authority of Indias advance tax payments rose by 50.3% to Rs 395 crore in the period under review.
ONGC Videsh paid Rs 382 crore in advance tax up to March 15, 2007, a jump of 267% from Rs 104 crore paid in the corresponding period in the previous fiscal. Power Finance Corporations contribution to advance tax kitty jumped by 41% to Rs 249 crore from Rs 176 crore up to March 15, 2006.
The boom in the real estate market was reflected in the advance tax payments of real estate firms as well. Unitech paid 26 times more advance tax in the current fiscal at Rs 357 crore. This is against a meagre Rs 13 crore the company paid in 2005-06. DLF Universal also saw a its advance tax payment go up 36 times to Rs 132 crore compare to Rs 4 crore upto March 15, 2006.
The governments net direct tax collections upto March 15, 2007 stood at Rs 1,87,096 crore. The total direct tax collection in 2005-06 was Rs 1,65, 208 crore.