The Indian Express reported last week that advance tax payments from all industry sectors with the exception of power and telecoms are up on last year.
Corporate assessees customarily pay 30% of their expected tax liability for the financial year in September, and the payments have traditionally been an important measure of the health of the economy and the business expectations for the companies over the fiscal year.
The Indian Express revealed that pharmaceutical companies figured high in the list of top advance tax payers last month, submitting around 105.28% more tax than for the same period in 2001.
Other notable performances included automobile companies, which registered a growth of 94.29%, petroleum companies, which paid 82.55% more in tax, IT companies, whose payments increased by 69.42%, and finance companies, which submitted 48.96% more.
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