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Advance tax collection by the top 100 companies has increased 24 per cent to Rs 56,584 crore (Rs 45,507 crore) this fiscal.
Net corporate tax was up 21 per cent at Rs 336,177 crore between April and February, 2011. Given the buoyancy in tax collection, the Government recently revised its direct tax collection target to Rs 450,000 crore from Rs 420,000 crore, said industry observers.
The country's largest bank, State Bank of India retained its position as the highest tax payer though its advance tax payment for the fiscal was down six per cent at Rs 6,143 crore (Rs 6,552 crore). ICICI Bank's was higher at Rs 1,925 crore (Rs 1,502 crore) and HDFC Bank Rs 2,205 crore (Rs 1,375 crore).
IDBI Bank increased its advance tax payment substantially to Rs 688 crore (Rs 172 crore), Bank of India Rs 883 crore (Rs 702 crore) and Bank of Baroda Rs 1,445 crore (Rs 1,277 crore).
Piramal Healthcare emerged among the top corporate tax payer shelling out Rs 3,503 crore (Rs 71 crore) largely due to sale of assets.
Life Insurance Corporation's tax payment rose 11 per cent to Rs 3,599 crore (Rs 3,253 crore).
Reliance Industries' payout was up 37 per cent at Rs 4,204 crore (Rs 3,075 crore), while MRPL's was up at Rs 760 crore (Rs 592 crore). Oil marketing company IOC's remittance was down at Rs 1,276 crore (Rs 1,505 crore), while HPCL's was up at Rs 232 crore (Rs 194 crore).
Most of the Tata Group entities too increased their payout this fiscal. TCS paid Rs 828 crore (Rs 628 crore), Tata Chemicals Rs 199 crore (Rs 168 crore). Tata Steel's tax payment was up at Rs 2,787 crore (Rs 1,793 crore) on the back of sharp jump in metal prices.
However, Tata Motors paid lower tax of Rs 430 crore (Rs 445 crore).
Metal companies Hindustan Zinc paid 35 per cent higher tax at Rs 995 crore and Hindalco Rs 570 crore (Rs 373 crore).
Despite pricing pressure, UltraTech Cement increased its outgo marginally to Rs 364 crore (Rs 345 crore), while the Holcim Group's Ambuja Cements slashed its outgo to Rs 327 crore (Rs 520 crore) and ACC Rs 325 crore (Rs 650 crore).
Lafarge Cement's payout was marginally down at Rs 193 crore (Rs 209 crore). Aditya Birla Group company Grasim Industries, which hived off its cement business, halved its tax commitment to Rs 422 crore (Rs 811 crore). L&T paid Rs 980 crore (Rs 860 crore).
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