Advance tax collections fall below target
19 Jun 2012
Advance tax collection from top 100 companies in the first quarter of the current financial year rose by a marginal 5 per cent to Rs33,089 crore against the targeted growth rate of 15 per cent for the full fiscal.
The government has set direct tax collection target for the fiscal at Rs5,70,000 crore, an increase of 15.2 per cent from the actual collection of about Rs4,95,000 crore last financial year.
Oil explorer ONGC has emerged as the top payer of advance tax for the April-June quarter, dislodging banking major State Bank of India. Mojor corporates, including Reliance Industries and BHEL, paid less tax compared to the corresponding period last year.
For the latest June quarter, ONGC paid an advance tax of Rs1,347 crore (against Rs1,062 crore during the same quarter last year), higher than SBI's Rs1,170 crore.
Last year, SBI was the top payer of advance tax with a payout of Rs1,100 crore.
ONGC's payout this year has gone up by 27 per cent and SBI by 6.36 per cent.
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