The first stream of advance tax figures has signalled improved earnings by several corporates during the second quarter, but it did little to cheer the market. State Bank of India, the countrys largest bank, continues to remain the top taxpayer, going by available figures. SBI, ICICI Bank, Reliance Industries and Gujarat Ambuja have been figuring among the top 10 tax payers in the country for the past two years.
SBI has paid Rs 1,050 crore in the June-September quarter, which is nearly 50% more than the tax paid during the corresponding period last year. The figure last year was Rs 863 crore. Last financial year, it had paid Rs 3,103 crore. Advance taxes are paid in four installments in June, September, December and March. The June and September installments usually constitute about 15% and 25% respectively of the total advance tax payable in a fiscal.
Reliance Industries, which paid Rs 650 crore in the June-September 2007 period has been among the top taxpayers in the country for some time. For long, it was a zero-tax company, thanks to diligent tax planning that included investment in infrastructure projects. Today, it figures among the top 10 tax paying companies.
The tax outgo during the June-September period last year was about Rs 450 crore. Indias second largest bank ICICI Bank has paid Rs 450 crore advance tax for the June-September 2007 period.
The company had paid the same amount for the corresponding period last year. ICICI Banks total outgo for the last financial year was estimated at Rs 984 crore. Auto major Bajaj Auto, which paid Rs 505 crore last year, paid Rs 120 crore for the second quarter of the current fiscal. The company has paid Rs 102 crore as the first installment during the quarter ending June 15, 2007.
Century Textiles figure for the June-September 2007 is Rs 38 crore. The company paid Rs 34 crore for the April-June period 2007. Its total outgo last fiscal was about Rs 98 crore.