In terms of advance tax payments, HDFC Bank in the December quarter leads the pack so far as it has paid Rs 1,500 crores compared to Rs 1,350 crores last year. State Bank of India, India’s largest lender, has paid Rs 1,420 crores compared to Rs 1,130 crores in the same quarter last year.
Advance tax payments are a system of staggered payment of taxes by companies and are considered benchmarks for performance during the quarter. In the month of December, corporates pay 75% of their total tax outflow for the fiscal.
Central Bank of India has paid Rs 179 crores compared to Rs 150 crores last year while Bank of Baroda’s tax outflow has remained stagnant at Rs 575 crore.
Among others, NMDC has paid lower advance tax this year, it saw its tax outflow stand at Rs 800 crore compared to Rs 900 crore in the December quarter last year. HDFC has paid Rs 735 crore compared to Rs 650 crore, a rise of 13%.