India Inc’s advance tax collections up to Rs1.13 lakh crore

The advance tax collection from India Inc rose 20 per cent during the first nine months of the current fiscal as compared to the same period last year, with firms from the automobiles, consumer goods and metals contributing the largest to the kitty.

Advance tax payments by industries rose to Rs1.13 lakh crore as against Rs0.94 lakh crore during the corresponding period last fiscal, according to finance ministry sources.

The third quarter (October-December), the collections were up 22.7 per cent at Rs54,000 crore on substantial increase in advance payments from automobiles, consumer goods and metal firms.

Following the better-than-expected collections of this year, as compared to last year's collections, tax collections for the current fiscal are likely to exceed the target of Rs3.7 lakh crore.

Among the major companies, till December, SBI has paid advance tax of Rs4,695 crore, ONGC Rs3,713 crore, SAILRs 2,263 crore, Maruti Udyog Rs757 crore and Bajaj AutoRs 540 crore.

According to officials the advance tax payments of top 100 firms rose more than 30 per cent in the December quarter.
Corporate tax collections had taken a 3.7 per cent fall in the June quarter but grew by 14.7 per cent on strong showing in the September quarter from banking, auto and consumer durables sectors.

During the second quarter of the current fiscal (July-September), the economy expanded 7.9 per cent, beating estimates by a wide margin.

With the good news continuing to trickle, the recent Mid-Year Review of the economy tabled by finance minister Pranab Mukherjee says the growth during 2009-10 could exceed the optimistic projection of 7.75 per cent.