Advance tax collection in Q1 up 5%

Advance tax collection from top 100 companies grew to Rs 33,089 crore for April-June period, a rise of a mere 5 per cent against the annual targetted growth rate of 15 per cent, as lead corporates including Reliance Industries and BHEL paid lesser tax compared to the corresponding period, last year.

The collection stood at Rs 31,631 crore in April-June quarter of 2011-12. The tax collection figures as on June 18 of the current fiscal, said a Finance Ministry official adding that the mop-up is in line with expectations of the Revenue Department for the quarter.

With advance tax collection of Rs 33,089 crore in the quarter, the total direct collections till June 18 stood at Rs 84,333 crore. The government has set direct tax collection target for the fiscal at Rs 5.70 lakh crore, an increase of 15.2 per cent from the actual collection of about Rs 4.95 lakh crore last financial year.

Advance tax paid by ONGC was 26.84 per cent higher at Rs 1,347 crore in first quarter of the current fiscal.