"Tax collection from the city is rising, despite adverse business situation and below-par performance by several important sectors like banks," principal chief income tax commissioner of Mumbai D S Saksena told PTI. Steel and cement companies have done comparatively better than banks, helping the department remain hopeful of meeting the annual target.
Traditionally big taxpayers like large banks failed to cheer taxmen with their second quarter advance tax payouts, but others including steel and cement companies have done comparatively better, helping the department remain hopeful of meeting the annual target.
"Tax collection from the city is rising, despite adverse business situation and below-par performance by several important sectors like banks," principal chief income tax commissioner of Mumbai D S Saksena told PTI today. "Mop-up is rising and is likely to improve further going ahead." Saddled with high bad loans and resultant spike in provisions, largest lender State Bank of India has paid an advance tax of only Rs 1,200 crore for the second quarter, down from Rs 1,620 crore in the year-ago period, showing a fall of 26%, department sources said.
Similarly, largest private sector lender ICICI Bank too paid 20% less tax at Rs 1,200 crore. In the September tranche last year, it had paid Rs 1,500 crore. But insurance behemoth LIC's tax payment has risen 13% to Rs 2,235 crore from Rs 1,970 crore a year ago. Reliance Industries paid 27% more at Rs 2,667 crore. In the second quarter last fiscal, it had paid Rs 2,108 crore in advance taxes. Software major TCS has paid 11% less at Rs 1,550 crore from Rs 1,750 crore a year ago.
Private sector banks like HDFC Bank and Yes Bank have done better. While HDFC Bank has paid Rs 2,400 crore, 20% over Rs 2,000 crore a year ago, mortgage lender HDFC paid an advance tax of Rs 860 crore, against Rs 810 crore year ago. Mid-sized private sector lender Yes Bank too has paid higher amount at Rs 435 crore, which is up 40%. Foreign lender Citibank is learnt to have paid Rs 700 crore, down 3% from Rs 720 crore last year.
Despite the massive losses reported in the first quarter, state-owned lender Bank of Baroda is learnt to have paid 25% more in advance tax at Rs 625 crore during the second quarter, against Rs 500 crore a year ago.
Sectors like steel and pharma have fared well. Tata Steel paid Rs 250 crore, double of what it had paid last year. UltraTech Cement paid 20% more at Rs 180 crore.
Auto major M&M paid Rs 200 crore, up 11% over Rs 180 crore in the same period last fiscal year. Among oil majors, IOC's payment was up by around 62% at Rs 1,275 crore from Rs 785 crore a year ago, while BPCL paid Rs 540 crore, down around 2%. FMCG major HUL paid Rs 500 crore of advance tax, up 9% a year-ago. Bajaj Auto's payout was down by around 13% at Rs 390 crore.
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