In the first financial quarter, the advance tax collections from Oil and Natural Gas Cooperation (ONGC) and Tehri Hydro Development Cooperation (THDC) have recorded over Rs 1,112-crore dip compared to the past year’s figures, according to income tax department of Uttarakhand.
According to the advance tax payment details accessed by TOI, in 2018, ONGC had paid Rs 4,900 crore in September installment and this year, the company has paid Rs 3,820 crore advance tax in this quarter.
Similarly, THDC’s tax payment for September installment has dropped from Rs 112.3 crore in 2018 to Rs 80.82 crore this year. Incidentally, the state I-T department’s tax collection target for this year is Rs 18,755 crore and of the total amount, the department has so far collected only Rs 5,387 crore, which is around 28.72%.
Talking to TOI, principal chief commissioner of I-T PK Gupta said, “The total advance tax collection from THDC and ONGC has witnessed a fall in comparison to the last year’s figure. However, advance tax payment from other corporates registered in Uttarakhand has shown an increase.” Gupta said that the overall advance tax shortfall is Rs 1,111.49 crore in Uttarakhand which he claimed would be realized. “In the coming months, we would conduct more surveys and scrutiny here.”
A source in the ONGC office attributed the low advance tax collection to overall production and revenue earnings. Experts, meanwhile, said that trends of advance tax collection are a solid indicator of market health.
Verendra Kalra, a city-based charted accountant, said, “The oil industry is not doing well and the overall market scenario does not seem upbeat and this reflects in the advance tax collection figures. But with the festive season ahead, things might improve a bit across the country.”
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