Tax collections up 43% in Q1

Even as oil marketing companies are reporting losses on rising crude oil prices, state-owned oil producer ONGC has emerged as the largest taxpayer in the country by paying as much as Rs 1,333 cr advance tax for the first quarter this year. Th e oil major had paid Rs 1,010 cr as advance tax during the same period last fiscal.
Belaying fears of industrial slowdown, the Government's revenue collections from direct tax such as corporate and income tax continued the growth momentum and was up by 43.45 per cent at Rs 49,411 cr during the April-June 21 period over the corresponding period last fiscal.
"The collection from corporate income tax and personal income tax as on June 21, 2008 is Rs 49,411 cr, exhibiting a growth rate of 43.45 per cent over previous year,'' said a Finance Ministry statement.
State Bank of India and steel major SAIL are also among the highest taxpayers. Despite rising interest rates, SBI's tax payments rose by about 32 per cent to Rs 663 cr for the first quarter this fiscal, against Rs 503 crore a year ago. SAIL also seems to be benefiting from rising steel rates as its advance tax payments stood at Rs 457 cr, against Rs 450 cr a year ago, said a Finance Ministry official.
The collection from corporate income tax stands at Rs 30,655 cr, growing by 39.81 per cent over previous year, while the collection from personal income tax stood at Rs 18,756 cr showing a growth rate of 49.82 per cent over the previous year.
The buoyancy in tax collection is significant considering the fact that refunds to the tune of Rs 10,810 cr have been issued till date at a growth rate of 33.7 per cent over previous year, the statement added