Corporate tax collection is on the rise. The advance tax paid by Mumbai's 100 large companies, who account for 40% of the country's corporate tax collection, has increased by 30.7% as compared with last year's April-June period.

In all, the 100 companies paid Rs 2,745.9 crore in April-June '04 against Rs 2,100 crore in April-June '03.

Among the largest tax-paying companies, 88 have seen an increase in tax payment, ranging from 5% to 200%. For example, ICICI which paid Rs 30 crore last year during the same period, remitted Rs 100 crore this year, an increase of 233%.

Tax remittance during the April-June period is the first of four instalments of advance tax payments. The payment in this period accounts for 15% of the total tax paid in a fiscal.

The advance tax payable by September is 45%, 75% by December and 100% by March.

Though the first instalment constitutes only 15% of the tax payable for the whole fiscal, it gives a fair indication of the year's full tax collection, provided the company's fortune does not fluctuate substantially during the rest of the year.

The total tax collection the finance ministry expects this fiscal is Rs 1.4 lakh crore against the Rs 1 lakh crore collected last year, an increase of over 33%.

This rosy projection is based on the expectation that the buoyancy the economy experienced last year will continue this year too.

As usual, the public sector units are on top of the list, beginning with SBI paying Rs 234 crore, marking a 5.88% increase over the corresponding period last year. LIC too saw an increase in tax remittance of over 16% to Rs 201 crore.

Tisco paid Rs 155 crore, marking an increase of 94% and occupied the third position after SBI and LIC. It is followed by Hindustan Petroleum which paid Rs 128 crore (2.4%), IOC Rs 121.7 crore (21.74%) and Deposit Insurance & Credit Guarantee Corporation which remitted Rs 117.6 crore (47%).

Reliance Industries (RIL) remitted Rs 50 crore, registering a 25% increase over the previous year.

FMCG giant Hindustan Lever's contribution to the tax kitty recorded a negative growth -7.6%. From Rs 65 crore last year, the figure came down to Rs 60 crore this year.

Among the banks, CitiBank, Standard Chartered Bank, HSBC, Deutche Bank , Bank of Baroda, Union Bank of India, Central Bank of India, HDFC Bank and IDBA Bank are among those whose tax payments increased by over 20% over the last year. Central Bank's contribution marked an increase of 168% with a remittance of Rs 51 crore.

Telco remitted Rs 45 crore, a 400% increase. Tata Chemicals with a remittance of Rs 25 crore registered an increase of 66%.

Birla group company Grasim paid Rs 48 crore, marking 60% increase over the previous year.

While New India Assurance paid Rs 33 crore (10%), General Insurance Corporation's remittance saw a 113% increase with Rs 33 crore.

Sidbi which paid Rs 2 crore last year made a big leap paying Rs 25 crore, marking an increase of over 1200%. Hindalco registered an increase of about 65% from a remittance of Rs 24 crore to Rs 40 crore.

Pharma companies Cipla and Glaxo paid Rs 14 crore each, marking an increase of 7% and 12% respectively. Tata Sons with Rs 11 crore registered an increase of 83%.