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Rediff.com  » Business » India Inc: Tax collections paint a rosy picture

India Inc: Tax collections paint a rosy picture

December 16, 2009 15:55 IST

Indian flagIndia Inc seems to have fared well in Q3 FY 10 if advance tax amounts paid by them are any indication with several automobile, power, cement and banking majors shelling out more as compared to their year-ago pay-outs.

Major Indian automobile companies like Tata Motors, Bajaj Auto and Mahindra & Mahindra seem to have put up a robust performance in Q3 FY 10, paying advance tax of Rs 100 crore (Rs 1 billion), Rs 320 crore (Rs 3.2 billion) and Rs 195 crore (Rs 1.95 billion), respectively.

While Tata Motors didn't pay any advance tax last year same period, its overall payment till the third quarter of this fiscal stands at Rs 260 crore (Rs 2.6 billion) as against Rs 90 crore (Rs 900 million) last year.

M&M paid just Rs 5 crore (Rs 50 million) in Q3 FY 09 while the overall payment till Q3 this year stands at Rs 325 crore (Rs 3.25 billion) as against Rs 35 crore (Rs 350 million) last year.

Bajaj Auto paid Rs 100 crore (Rs 1 billion) in Q3 last fiscal while overall this year it has shelled out Rs 540 crore (Rs 5.4 billion) as against Rs 240 crore (Rs 2.4 billion) last year. Tata group company, Tata Power, paid Rs 81 crore (Rs 810 million) in Q3 this fiscal as against Rs 29 crore (Rs 290 million) in the year-ago period while overall, its payment stands at Rs 177 crore (Rs 1.77 billion) as against just Rs 57 crore (Rs 570 million) last year.

Reliance Power has paid three times more this quarter at Rs 60 crore (Rs 600 million) as against Rs 20 crore (Rs 200 million) in the year-ago period.

Its overall advance tax payment in this fiscal so far stands at Rs 75 crore (Rs 750 million) as against Rs 35 crore (Rs 350 million) last year.

Cement manufacturers reveal a mixed picture with some paying more in the quarter but with their overall payment falling and vice-versa.

ACC has paid an advance tax of Rs 110 crore (Rs 1.10 billion) this time as against Rs 125 crore (Rs 1.25 billion) in Q3 last fiscal.

However, its overall payment has increased to Rs 320 crore (Rs 3.2 billion) as against Rs 220 crore (Rs 2.2 billion) last year same period.

Ambuja Cement has paid Rs 150 crore (Rs 1.5 billion) this quarter as against Rs 140 crore (Rs 1.4 billion) in the year-ago period but its overall pay-out stands reduced at Rs 370 crore (Rs 3.7 billion) from Rs 415 crore (Rs 4.15 billion) in the year-ago period.

Two other major cement companies, Ultratech Cement and Lafarge, have recorded a growth in both Q3 as well as in their overall payments. Ultratech has paid Rs 95 crore (Rs 950 million) as against Rs 65 crore (Rs 650 million) in Q3 FY 09 and overall a total of Rs 165 crore (Rs 1.65 billion) as against Rs 140 crore (Rs 1.4 billion) in the same period last year.

Lafarge has paid Rs 65 crore (Rs 650 million) in this quarter as against Rs 60 crore (Rs 600 million) in the last year while its overall advance tax payment company stands at Rs 110 crore (Rs 1.10 billion) as against Rs 83 crore (Rs 830 million) in the year-ago period.

Infrastructure major L&T's advance tax payment during this quarter stands reduced at Rs 270 crore (Rs 2.7 billion) as compared to last year's Rs 310 crore (Rs 3.1 billion) while overall, its pay-out is up by Rs 30 crore (Rs 300 million) at Rs 590 crore (Rs 5.9 billion) as against Rs 560 crore (Rs 5.6 billion) in the corresponding period last year.

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