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OMCs pay advance tax, as crude prices dip
September, 29th 2006
The small increase in the prices of petroleum products in June, coupled with the softening of the global crude prices seems to have had a salutary impact on the bottomlines of oil marketing companies. IOC and BPCL, which had not paid any advance tax in the first two quarters of last fiscal due to notional losses they suffered from high crude prices, paid Rs 200 crore and Rs 100 crore respectively till September 15 this fiscal. While most leading corporates paid higher amounts as advance tax so far this fiscal compared with what they paid a year ago riding on the buoyant economy, Infosys and LIC paid less. NTPC paid 30% more this fiscal at Rs 450 crore, SBI 55% at Rs 860 crore, ICICI 80% at Rs 450 crore, SAIL 38% at Rs 750 crore. ONGC, the largest taxpayer, paid 1% more at Rs 2,050 crore. Infosys paid just Rs 25 crore compared with Rs 50 crore last year. Wipro, paid Rs 50 crore till mid-September, the time of second instalment, this year, as against Rs 35 crore in the corresponding period last year. Reliance Industries paid Rs 750 crore as advance tax this fiscal compared worth Rs 280 crore a year ago, Telco Rs 75 crore (Rs 50 crore) and Bharti Rs 100 crore (Rs 50 crore). Sources said total advance tax collection from corporates stood at Rs 35,500 crore till September 25 this year, up 29% over Rs 27,500 crore a year ago. Total direct tax collections stood at over Rs 80,000 crore in the period, more than third of the budget target of Rs 2.1 lakh crore. As of now, the government is confident of surpassing the budget target and even making up for the last years shortfall of over Rs 11,000 crore. Securities transaction tax collection reached Rs 2,200 crore already and is expected to touch Rs 4,000 crore this fiscal.
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