RIL, Tata Steel pay higher advance tax

The government is inching closer towards its tax targets for this fiscal with advance tax outgo of India Inc so far rising substantially and indirect tax registering a healthy uptick.

RIL has paid an advance tax of Rs1,191 crore this fiscal, up 42% over Rs834 crore paid in the year-ago period.

Kumar Mangalam Birla’s Hindalco paid a 35% more tax at Rs200 crore till date as against Rs148 crore in the same period last year.

Tata Steel paid 53% more advance tax of Rs1,000 crore as against Rs650 crore in the year-ago period, while TCS had a 29% higher outgo of Rs230 crore as against Rs177 crore in the corresponding period of the last year.

The indirect tax collection rose by 42.3% to Rs2.07 lakh crore during April-November this year as compared to corresponding period last year, indicating uptick in economic activities.

Tata Motors has paid 120% more advance tax at Rs220 crore as against Rs100 crore in the year-ago period.

Bajaj Auto has paid 19% higher advance tax at Rs370 crore as against Rs310 crore in the year-ago period, while M&M’s outgo this year rose 21% to Rs236 crore from Rs195 crore in the same period last year.

However tax outgo dropped at two major cement companies. ACC paid a 63% lower tax of Rs40 crore this time as against Rs110 crore last year, while payment at Ambuja Cements dropped 57% to Rs60 crore from Rs140 crore in the year-ago period, the source said.

Aditya Birla group’s cement company, UltraTech, however, paid 83% more advance tax at Rs165 crore over Rs90 crore in the year-ago period.

Advance tax payment was down 16% at Asian Paints at
Rs100 crore as against Rs120 crore in the same period last year, the source said.

Lupin, has paid a 50% higher advance tax of Rs44.9 crore as against Rs30 crore in the year-ago period while Rashtriya Chemicals and Fertilisers (RCF) paid 57% higher advance tax at Rs42 crore this time as against Rs26.7 crore in the same period last year.

On indirect tax collection, an official statement said, “Last year’s collections of Rs1.45 lakh crore during the same period constituted an achievement of 54.5% of the overall target fixed for indirect tax collections for the year 2009-10.”

In the current year, indirect tax collections during April-November constituted 66.3% of the overall target of Rs3.13 lakh crore fixed for 2010-11.

The indirect tax mainly constitutes customs, central excise and service tax.Revenue collections from customs increased to Rs86,844 crore during April-November 2010, which is 67% higher
than the previous year’s collection of Rs52,011 crore in the same period.

This constitutes 75.5% of the target of Rs1.15 lakh crore for the whole year 2010-11, it said.

The mop-up from central excise rose to Rs81,984 crore during the period April-November 2010, an increase of 34.4% over the previous year’s collection of Rs61,020 crore during the same period.

“These constitute an achievement of 62.8% of the target of Rs1.30 lakh crore fixed for the current financial year 2010-11,” it said.