Foreign player Standard Chartered Bank has become the leading tax payer amongst foreign banks operating in India in the last fiscal. The bank has reached the top position after leaving behing foreign giants like Citi and HSBC.
The bank made an advance tax payment of Rs. 1, 405 crore which is a rise by as much as 14.2% from the previous fiscal. With this it has grabbed the 16th position amongst all corporates, banking and otherwise.
StandChart has been followed by HSBC Bank and Citi Bank. Both of them made advance tax payments worth Rs. 835 crore and Rs. 800 crore for FY'10 respectively.
CitiBank and HSBC have posted a decline in their tax payments by 53 % and 39% respectively as compared to figures of last year.
Amongst all banking entities in India irrespective of foreign and local players, StanChart stands behind State Bank of India, Punjab National Bank and ICICI Bank.
SBI stands as the leader amongst tax payers in the corporate segment with Rs 6,552 crore advance tax payment. PNB and ICICI Bank have paid Rs 2,018 crore and Rs 1,502 crore as advance tax.
Amongst the foreign entities, Deutsche Bank bags the fourth slot with Rs. 413 crore as advance tax payment.