RIL, HDFC Bank pay more advance tax in Q2

TIL Desk/Business/New Delhi-Bogged down by rising non-performing assets, State Bank of India (SBI), the country’s largest lender, on Thursday reported a 25.9 per cent decline in its advance tax payment for Q2 FY17. The bank paid Rs 1,200 crore (Rs 12 billion) as advance tax, compared with Rs 1,620 crore (Rs 16.20 billion) in the corresponding period last year.

Private lender ICICI Bank has also reported a decline in advance tax outgo for the September quarter. It has paid Rs 1,200 crore (Rs 12 billion), 20 per cent lower than the same period a year ago.  In contrast, HDFC Bank’s Q2 advance tax outgo jumped 20 per cent year-on-year to Rs 2,400 crore (Rs 24 billion).

HDFC Ltd’s advance tax payment also increased 7.5 per cent to Rs 860 crore (Rs 8.6 billion). Top corporates have paid more advance tax in second quarter this year.  Tata Steel’s advance tax payment was up 100 per cent y-o-y, followed by a 26.5 per cent jump in Reliance Industries’ (RIL) outgo at Rs 2,667 crore (Rs 26.67 billion).  Software services major Tata Consultancy Services (TCS) paid Rs 1,550 crore (Rs 15.50 billion), compared with Rs 1,750 crore (Rs 17.50 billion) last year.