Growth in advance tax collections points to industrial recovery
16 Sep 2009
Advance tax collections have grown by over 35 per cent so far in the second quarter of the current fiscal (July-September 2009-10), showing signs of recovery across industry sectors.
The figures showed a big increase from the first quarter of the current fiscal. The largest tax payer in Mumbai has collected Rs2,628 crore in the second quarter against Rs895 crore in the previous quarter.
Growth in corporate tax collection in July-September 2009-10, however, was about half the 70 per cent growth achieved in the same quarter of the previous fiscal (July-September 2008-09).
Corporates and banks pay almost half of their tax liabilities in the second quarter with the first quarter accounting for less than 20 per cent of all corporate tax liabilities.
As of 15 September, State Bank of India, the country's largest lender, has paid advance tax of Rs1, 838, up 22.53 per cent from the Rs1,500 crore paid in the same quarter of the previous year.
Reliance Industries, the country's largest industrial unit, has paid advance tax to the tune of Rs1,157, which is 69.40 per cent higher than the Rs683 crore paid in the same quarter of the previous year.