The governments cash registers are ringing on the back of a booming economy. Its advance tax collections for the April-June period witnessed a growth of 28.8% at Rs 13,796 crore. Its total direct tax collections up to June 18 swelled by 57.5% to Rs 37,444 crore.
There may be more to come. Sources in the income-tax department said advance tax collection data was still in the process of being compiled and the final figure could exceed Rs 17,000 crore. The last date for depositing the first installment of advance tax was June 15. Advance tax is paid in four installments in June, September, December and March.
State Bank of India, Steel Authority of India, Life Insurance Corporation, Reliance Industries, ICICI, Indian Oil Corporation and TISCO have emerged as the top seven advance tax payers in the first quarter.
BSNL which was among the top advance taxpayers last fiscal witnessed a decline of 65.7% to Rs 120 crore. Similarly, NTPCs advance tax payment in the first quarter of the current fiscal saw a negative growth of Rs 15.8% to Rs 202 crore.