The State Bank of India (SBI) has once again topped the chart of the largest tax paying corporates from the Mumbai circle of the Income-tax department, which usually accounts for about 40% of the all India direct tax collection. SBI paid Rs 863 crore advance tax in the period ending on September 15 against the Rs 563 crore paid during the corresponding period last fiscal.
Petrochemical behemoth Reliance Industries, ICICI, HDFC, Gujarat Ambuja are among the corporate who have remitted tax considerably higher than the last fiscal. Life Insurance Corporation (LIC), remitted Rs 640 crore. RIL remitted Rs 425 crore as against Rs 225 crore remitted last year. ICICI remitted Rs 446 crore against Rs 253 crore last year while HDFC paid Rs 160 crore, which is Rs 40 crore more than the last years remittance. Bajaj Auto raised its bar from last years Rs 110 crore to Rs 125 crore this year.
Gujarat Ambuja remitted Rs 120 crore while BPCL made a formidable Rs 105 crore. Advance taxes are paid in four instalments, in June (15%), September(30%),December (30%) and March (25%). Though, in many cases, the final remittance may vary from the trend seen in the first two instalments, the advance tax figures provide a fairly good indication of the tax payable by a corporate by the end of the fiscal.
The all-India projection of corporate tax collection during April-September period was Rs 30,000 crore while the figure for the personal income tax collection stood at Rs 15,000 crore. The tax department has already collected Rs 50,000 crore, surpassing the expectation.
The buoyancy in the economy, the higher margins being registered by most corporate and the stock market, are expected to aid the taxmen in crossing the targets fixed for this fiscal. The all India projection for the current fiscal is over Rs 2,10,000 crore of which Rs 69,000 crore are expected to be collected from Mumbai.