Advance tax collection shown a decline of around 6% year-on-year i.e. March 2008 to March 2009. Banks are the star performer of this else this decline would have definitely been deeper and it would have been. The exact collection of advance tax YoY is Rs 10,886 crore versus Rs 11,640 crore.
We got some fresh numbers from banks––Yes Bank, Kotak Mahindra Bank––all have shown good numbers. So quite clearly banks were the best performing sector in terms of advance tax collections and helping the I-T Department in terms of the decline not being as high as was expected earlier by analysts.
There were also an interesting trend lot of companies with nil advance tax numbers. Like Tata Motors, Mahindra and Mahindra, BPCL, JM Financial and Indian Hotels had returned nil numbers. Bajaj Auto also returned low numbers––so the auto sector was a matter of concern.
The cement sector also showed a slight dip. Ultra Tech and Grasim has not shown impressive numbers. Prism was the only silver lining in the sector.
The biggies are not performing as much as was expected. There have been a lot of flattish numbers across many companies. ICICI Bank, M&M Financial Services, GSK Pharma were a few examples.
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