Banks lead list of tax-payers

Axis bank tops chart for sixth year;telecom, infra and pharma sectors follow suit. Gujarat is growing and so is tax collection in the state. The size of the bag has increased by 21.89 per cent over last year's collec tion. And this time again, banking sector leads the tax payers' list with Axis Bank topping the chart for the sixth consecutive year. It is followed by Vodafone, Adani Port and SEZ, Gujarat Mineral Developmental Corporation, Sun Pharma and Gujarat Gas.

The advance tax collection from Axis Bank has increased from Rs 3,206 crore to 3,918 crore with a growth rate of 22.21 per cent. Among the top six highest tax payers in the state, Vodafone has registered a growth of Rs 150 crore in comparison to last year in the payment of advance tax. It is followed by Sun Pharma with a higher pay of Rs 141 crore in March 2014-2015.

Pharmaceutical sector has accounted for the highest advance tax from among the top 100 advance tax payers in Gujarat. There are 13 pharma ceutical companies, led by Sun Pharma, on the list. Power, finance and chemicals are among the sectors which have paid handsomely.

According to income-tax rule, all corporate and non-corporate tax-payers have to pay advance tax in installments. For corporates, it is four installmentsby June 15, September 15, December 15 and March 15. In case of non-corporate tax payers, it is three installmentsby September 15, December 15 and March 15.

The national average of tax refund is 31 per cent whereas the state has recorded more than 41 per cent in it. “We have prompt tax paying service and we quickly dispose of the refund money to applicants. Hence, our refund rate is higher than that of any other state in India,“ said a taxman.