ONGC highest tax payer, tax collection up by 43 percent

June 25th, 2008 - 9:30 pm ICT by IANS  

New Delhi, June 25 (IANS) State-run Oil and Natural Gas Corp (ONGC) emerged as the highest tax payer in the country by paying Rs.13.33 billion ($317 million) advance tax for the first quarter of 2008-09. The State Bank Of India (SBI) that paid Rs.6.63 billion follows the ONGC while Steel Authority of India Ltd (SAIL) emerged as the third highest taxpayer with a Rs.4.53 billion shellout as advance tax.

“The collection from corporate income tax and personal income tax as on June 21, 2008 is Rs.494.11 billion, exhibiting a growth rate of 43.45 percent over previous year,” said a statement issued by the finance ministry.

The collection from corporate income tax stood at Rs.306.55 billion, registering a growth of 39.81 percent over the year-ago period, while the personal income tax collection recorded a growth of 49.82 percent at Rs.187.56 billion.

The buoyancy in the tax collection is significant considering the fact that refunds to the tune of Rs.108.10 billion have been issued till date at a growth rate of 33.7 percent.

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