New Delhi: Advance tax payments of major Indian banks and financial institutions like State Bank of India, ICICI Bank and Housing Development Finance Corp Ltd rose for the first quarter (Apr-Jun) of this financial year 2012-13 over a year-ago period, TV news reports said Friday.
State Bank of India's advance tax payment increased 6.36% on-year to Rs 11.7 billion for the quarter. The country's largest lender had paid Rs 11 billion in advance tax in the year-ago period.
India's largest private sector lender ICICI Bank's advance tax payment surged 25% to Rs 5 billion as compared to Rs 4 billion in the same quarter in the previous fiscal.
Housing Development Finance Corp's advance tax payment rose 17.6% to Rs 3 billion for the first quarter. The mortgage lender had paid Rs 2.55 billion in advance tax in the corresponding period a year ago.
India's third largest state-run lender Bank of Baroda paid Rs 3 billion in advance tax for the quarter, up 11.11% from Rs 2.70 billion in the year-ago period, while another public sector lender Bank of India paid Rs 1.75 billion in advance tax against Rs 1.70 billion in the same period a year ago.
The government's gross direct tax collections between April and May rose 3.62% to Rs 522.32 billion, while corporate taxes fell 2.82% to just Rs 243.29 billion.