SBI’s advance tax pay-out down 40 per cent
SBI paid Rs 1,120 crore in advance tax for the second quarter as against Rs 1,820 crore in the corresponding period last year
Mumbai: The country’s largest lender State Bank of India today said it has paid Rs 1,120 crore in advance tax for the second quarter as against Rs 1,820 crore in the corresponding period last year, down nearly 40 per cent.
Its foreign offices have paid an additional Rs 192 crore in tax during the period, a bank statement issued here said.
On last Friday, a senior official from the the Income Tax had said that the department is witnessing a ‘muted growth’ in collections from the Mumbai region, which accounts for over a third of the total collections nationally.
The advance tax pay-out decline from SBI comes amid a period of gloom on the economic front, with the quarterly GDP growth falling to a four-year low of 4.4 per cent for the April-June period.
Advance tax is a system of staggered payment of income tax over four quarters, and is generally considered as a barometer of a company’s performance during a quarter.