State Bank of India (SBI) has turned out to be the largest tax payer in the country for the fiscal year 2008-09. SBI had a tax outgo of Rs 5,733 crore for the fiscal year ending March 31, 2009. This is a 41% increase over the tax it paid last year. The bank’s tax outgo during the January-March quarter is Rs 1,810 crore.
Larsen & Toubro (L&T) follows SBI with a total tax outgo of Rs 802 crore, which is a 47% increase over the previous fiscal year’s collection. L&T’s tax outgo during the January-March 2009 quarter is Rs 245 crore.
LIC Housing Finance paid Rs 155 crore, for the current fiscal year 2008-09 with a 37% rise over the tax it paid last year. The company paid a tax of Rs 46 crore in the January-March quarter.
The all India tax collection until March 15, the last date for advance tax payment, has totaled Rs 2,82,021.60 crore. This amount is lower against the projected tax collection of Rs 3,95,000 crore for the current fiscal year which was now revised to 3,65,000 crore by finance ministry after evaluating the likely impact of the economic slowdown on the country’s tax collection.
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