State Bank of India on Sunday said it has paid R1,120 crore in advance tax for the second quarter against R1,820 crore in the corresponding period last year, down nearly 40%.
Its foreign offices have paid an additional R192 crore in tax during the period, a bank statement said.
On last Friday, a senior income tax official 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 mop-up nationally.
The advance tax payout decline from SBI comes at a time of gloom on the economic front, with the quarterly GDP growth falling to a four-year low of 4.4% for the April-June period. Advance tax is a system of staggered payment of income tax over four quarters, and is generally considered a barometer of a company's performance during the quarter.