It’s a sobering thought. Despite rah-rah stories on how well India Inc., and specifically private sector companies, is doing, advance tax collection figures are dominated by the public sector.
ONGC has already paid an advance tax of Rs 3,411 crore till September.
And despite the fact that India has been riding the IT boom, none of the IT firms figures in the top 100 list for advances so far.
The trend is similar to last year’s, when the only IT company to figure in the list of top 100 taxpayers was Wipro at #75.
Incidentally, last year, too, public sector companies made up 70 per cent of the Top 10 tax payer’s list.
According to projections, direct tax collections this year is set to cross Rs 3,00,000 crore for the first time in history.