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Financial sector bucks slowdown, pays more tax

State Bank Of India | Bank - Public | BFSI | BSE: 500112 | NSE: SBIN

18 Jun 2009 Evaluate

State Bank of India (SBI) has overtaken ONGC to become the leading advance taxpayer in the country. Banks have clearly bucked the downturn and paid more advance tax in the June 15 instalment on the back of decent credit growth in the economy and treasury gains. The advance tax payments made to the Income Tax Department are important as they gives an indication of the profit expectations of the corporate sector for the entire financial year.

For the June 15 instalment, which is the first for fiscal 2009-10, the country’s largest commercial bank paid an advance tax of Rs 1,068 crore, representing a 61.09 per cent increase over the Rs 663 crore paid for the same instalment last year.

On a sectoral basis, the advance tax payout of the auto sector for the June 15 instalment has been flat. While Maruti Udyog paid Rs 92 crore (Rs 95 crore), Tata Motors paid Rs 30 crore (Rs 30 crore), and Bajaj Auto Rs 50 crore (Rs 50 crore).

However, the FMCG biggies — Hindustan Unilever (Rs 75 crore as against Rs 60 crore) and ITC (Rs 220 crore as against Rs 179 crore) — made higher payouts. On the telecom front, BSNL paid Rs 135 crore, much lower than the Rs 312 crore paid last June. Bharti Airtel forked out Rs 100 crore (Rs 72 crore).

Petroleum product majors Indian Oil Corporation (IOC) and HPCL have this time round paid advance tax. Last year, these two companies did not make any payment for the June 15 instalment. While IOC paid an advance tax of Rs 130 crore, HPCL’s payout was Rs 15 crore. The steel majors SAIL and Tata Steel paid lower advance tax for the June 15 instalment on a year-on-year basis. NTPC was also impressive in its advance tax figures which were at Rs 275 crore, up from Rs 188 crore.

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Financial sector bucks slowdown, pays more tax

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