Advance tax payments from a hundred firms based out of Mumbai rose 25% in the fourth quarter. Starting with lenders, HDFC Bank paid Rs340 crore, an increase of 21.43%. ICICI Bank turned in a third more, at Rs475 crore. But State Bank of India saw a 19% fall to Rs1,500 crore.
India’s biggest company has also seen considerable growth in its advance tax payments. RIL has coughed up Rs1,054 crore, which is a rise of nearly 36.8%. And Tata Steel’s payments surged 92% percent to Rs987 crore.
Companies pay advance taxes every quarter based on what they expect to earn.
Also in taxes, the Union Cabinet has approved amendments to the bill for the Goods and Services Tax. The changes will now be included in the GST Bill before being presented before Parliament.
Japan’s nuclear plant crisis could mean additional safety procedures for similar power plants here in India. Environment minister Jairam Ramesh has said an ongoing review by Nuclear Power Corporation of India could result in fresh safeguards. On Monday Prime Minister Manmohan Singh promised a review of all nuclear facilities in India that would evaluate their ability to function safely after tsunamis or earthquakes. Back in December, the government signed a $9.3 dollar deal to let French firm Areva build two nuclear plants in Maharashtra.
The worsening situation in Japan sent Asian markets plunging on Tuesday, and Indian markets were no exception. The Sensex tumbled 272 points to 18,168. And the Nifty lost 82 to close trade at 5,450.