Tata Steel, ONGC lead surge in advance tax; top 20 firms pay 47% more in Q2

Reliance Industries and Tata Motors skip payment

The advance tax paid by the top 20 marquee companies grew over 47 per cent year-on-year during the second quarter of FY22 to Rs 27,210 crore from Rs 18,462 crore, on the back of hefty payments by Tata Steel, Oil and Natural Gas Corporation (ONGC), and lenders. 

Tata Steel's advance tax payment jumped 3,900 per cent to Rs 4,000 crore; it was followed by ONGC whose payment zoomed 662 per cent because of the surge in oil prices in the international market. It paid Rs 2,250 crore in the quarter ended September 15, 2021, against Rs 295 crore a year