India Inc Q2 advance taxes likely to fall 12%

The initial trend for Q2 advance tax payment suggests a 12% drop for the top 15 companies, reports CNBC-TV18's Aastha Maheshwari. Data suggests that most public sector banks have been the dampeners as the country’s largest bank, State Bank of India (SBI) is likely to shell out Rs 1100 crore as advance tax as compared to the Rs 1820 crore which they paid last year.

The companies are supposed to pay 30%  as advance tax in their second installment. This is double the amount they pay in the first installment.
Following this is Dena Bank, another PSU is likely to pay Rs 50 crore versus Rs 184 crore.
Private banks, however, continue to give a better performance, with HDFC likely to shell out Rs 650 crore versus Rs 560 crore as advance tax followed by IndusInd that is likely to see a 25% increase by paying Rs 210 crore as advance tax.
Clearly the second advance tax installment trend doesn’t look very good and achieving a target of around Rs 6 lakh 64000 crore with a growth of atleast 19% might be a tough task. The advance tax numbers are as follows: State Bank of India (SBI) is likely to pay Rs 1100 crore vs Rs 1820 crore. Dena Bank is likely to pay Rs 25-50 crore vs Rs 184 crore. Bank of Baroda is likely to pay Rs 620 crore vs Rs 620 crore. IDBI Bank is likely to pay Rs 400 crore vs Rs 473 crore. Central Bank is likely to pay Rs 150 crore vs Rs 268 crore. HDFC is likely to pay advance tax of Rs 650 crore vs Rs 560 crore. Kotak Mahindra Bank is likely to pay Rs 170 crore vs Rs 160 crore. IndusInd is likely to pay Rs 210 crore vs Rs 160 crore.

YesBank is likely to pay Rs 198 crore vs Rs 158 crore. TCS is likely to pay Rs 1000 crore vs Rs 812 crore. Lupin is likely to pay Rs 165 crore vs Rs 98 crore.
Bajaj is likely to pay Rs 300 crore vs Rs 300 crore. Ambuja Cement is likely to pay Rs 110 crore vs Rs 150 crore.
Lafarge is likely to pay Rs 58 crore vs 65 crore.
Johnson & Johnson is likely to pay Rs 53 crore vs Rs 40 crore.