ONGC, SBI, SAIL top advance taxpayers for Sept qtr

ONGC, SBI, SAIL top advance taxpayers for Sept qtr

New Delhi, 4 October Indian state-run firms Oil and Natural Gas Corp, State Bank of India and Steel Authority of India were the highest advance taxpayers for the September quarter, a finance ministry official told Reuters today.

Last week, the finance ministry said India’s direct tax receipts topped one trillion rupees in the first half of the 2007/08 fiscal year, driven by a 32% rise in advance tax payments, which reflect corporate profit growth.

According to finance ministry data, ONGC paid Rs24.01 billion in advance tax for the July-September period, 17 percent higher from the same quarter last year, an official, who could not be named, said. State-run oil firm Indian Oil paid Rs4.47 billion, GAIL paid Rs2.81 billion and Bharat Petroleum Corp Rs1.09 billion.

Reliance Industries paid Rs6.49 billion for the September quarter, up 46% from a year earlier.

India’s largest lender, state-run SBI, paid Rs10.54 billion advance tax in the second quarter, 22% higher from a year earlier.

Among SBI’s rivals, ICICI Bank paid Rs4.5 billion, Punjab National Bank Rs3 billion and HDFC Bank paid Rs2.75 billion.

India’s largest insurer Life Insurance Corp paid Rs7.31 billion in September, 14% higher than a year ago.

Leading steel maker SAIL paid 20% higher tax of Rs9 billion during the September quarter, while its rival Tata Steel paid Rs4.45 billion.

State-run power producer NTPC’s advance tax payment during the September quarter was 17% higher from a year earlier at Rs5.26 billion, while engineering firm BHEL’s payment was up 34% at Rs4.7 billion.