The 21 profit-making public sector companies accounted for 27.8 per cent of the collection that paid Rs 1,303 crore (Rs 952 crore), up 36.9 per cent for the quarter ended June 2000. The tax provision by the PSUs accounted for 51 per cent of the total tax provision by the sample of 658 companies which have provided tax for April-June 2000 quarter.
Though PSUs remain the major contributor to government's corporate tax collection, their share has slipped in April-June 1999 quarter.
Of the 1,569 profit-making corporates, around 658 companies have provided Rs 2,556.28 crore in the quarter April-June 2000, up 29.93 per cent as against Rs 1,967.5 crore. This accounted for 54.6 per cent of the total corporate tax during the quarter as against 73.7 per cent in the same quarter previous year.
Again, 647 private sector companies submitted Rs 1,253 crore (Rs 1,016 crore), up 23.4 per cent during the period and accounting for 26.8 per cent of the tax collection. Thus most of the private sector firms continue with their earlier practice of submitting tax returns at the last quarter of the fiscal.
Of the sample, the top five firms provided Rs 1,357 crore tax, accounting for 29 per cent of the total tax collection.
ONGC was the largest tax provider among the select sample. It increased its tax provision by 370 per cent to Rs 775 crore for the quarter. The large growth in tax provision was on 55 per cent growth in net profit for the quarter.
VSNL, stood second with Rs 182.1 crore, up by a marginal 7.8 per cent on dismal bottomline performance.
Private sector petrochemicals major Reliance Industries though booked profit did not provide tax during the quarter. Forbes Gokak headed the list in terms of an increase in tax provision. It recorded nearly 149 times growth in tax provision for the quarter backed by 57 times growth in net profit. Wipro, infotech major, provided for Rs 11.8 crore as tax provision as against Rs 2.30 crore.
