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Corporate, income tax collections up 43% in Q1
June, 26th 2008

Oil, bank and steel sectors have been very much in the news what with inflation and oil prices hitting the headlines. Now, three public sector companies in these three sectors have emerged as the top tax payers in the country.

With the collection from corporate income tax and personal income tax in the first quarter of this fiscal growing by more than 43 per cent, state-owned oil producer ONGC has emerged as the largest taxpayer in the country by paying as much as Rs 1,333 crore advance tax. This comes at a time when oil marketing companies are reporting losses on rising crude oil prices. The oil major had paid Rs 1,010 crore as advance tax during the corresponding period last fiscal.

Belaying fears of an industrial slowdown, the governments revenue collections from direct taxes was up by 43.45 per cent at Rs 49,411 crore during the April-June 21 period over the corresponding period last fiscal, as per official data released today.

The second highest contribution came from State Bank of India followed by steel major SAIL. Despite rising interest rates, SBIs tax payments rose by about 32 per cent to Rs 663 crore for the first quarter this fiscal, against Rs 503 crore a year ago. SAIL also seemed to benefit from rising steel rates as its advance tax payments stood at Rs 457 crore, against Rs 450 crore a year ago, a finance ministry official said.

The collection from corporate income tax stands at Rs 30,655 crore, growing by 39.81 per cent over the previous year, while the collection from personal income tax stood at Rs 18,756 crore showing a growth rate of 49.82 per cent over the previous year.

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