SBI’s advance tax pay-out down 40 per cent

State Bank of India (SBI)’s advance tax pay-out down 40 per cent.

SBI-LogoThe country’s largest lender State Bank of India (SBI) on Sunday said it has paid Rs 1,120 crore in advance tax for the second quarter as against Rs 1,820 crore in the corresponding period last year, down nearly 40 per cent.

Its foreign offices have paid an additional Rs 192 crore in tax during the period, a bank statement issued here said.

The advance tax pay-out decline from SBI comes amid a period of gloom on the economic front, with the quarterly GDP growth falling to a four-year low of 4.4 per cent for the April-June period.

Advance tax is a system of staggered payment of income tax over four quarters, and is generally considered as a barometer of a company’s performance during a quarter.

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