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Advance tax registers flat growth in Q3

December, 15th 2012
Corporate advance tax has registered a flat growth in third quarter as compared to the same period of the previous year, initial figures suggest, reflecting the slowdown in economic activity which is exerting pressure on profitability. On a quarter-on-quarter basis, taxes paid by large business houses like State Bank of India (SBI), Reliance Industries (RIL) fell while that of Mahindra and Mahindra and UltraTech rose. Among the companies that have paid advance tax so far, SBI which paid Rs 1,701 crore was the highest tax for the current quarter, though it was lower than the same period of last year. During Q3 of FY12, SBI had paid Rs 1,730 crore. RIL paid taxes worth Rs 1,100 crore compared to Rs 1,000 crore last year. Among public sector banks, Central Bank paid the income tax department Rs 120 crore compared to Rs 104 crore last year, while Bank of Baroda tax outgo stood at Rs 550 crore. Kolkata-based UCO Bank paid taxes worth Rs 98 crore. Bank of India paid Rs 120 crore compared to Rs 125 crore last year. Housing Development Finance Ltd paid taxes worth Rs 560 crore, the housing finance provider's tax outflow was higher by 17.8% compared to last year. LIC Housing Finance saw tax outflow of Rs 113 crore compared to Rs 91 crore in the corresponding quarter last year. Advance tax is paid by companies in four instalments (June, September, December and March) based on an assessment of their profits during the quarter. Advance tax outflow is likely to have drained Rs 50,000-60,000 crore liquidity from the system. Among others, UltraTech, the cement major under the Aditya Birla Group paid lower taxes at Rs 250 crore compared to Rs 320 crore last year. Bajaj Auto tax outflow was up at Rs 510 crore compared to Rs 450 crore in the December quarter last year. TCS, the country's largest software exporter witnessed a 17% jump in its advance tax payment at Rs 620 crore, while Coal India, paid Rs 75 crore. Engineering and construction major Larsen & Toubro paid Rs 333 crore against Rs 350 crore. Oil refining and retailing companies are not expected to pay this quarter, a top IT official said. I-T department's target for Mumbai circle is pegged at Rs 1.78 lakh crore this fiscal, a rise of 13.5% from last year. The direct tax collection target for 2012-13 is Rs 5.7 lakh crore — an increase of about 25% over the actual collections in the last financial year.