I-T refunds worth Rs1.22 lakh crore issued in FY’16: Govt1 min read . Updated: 06 May 2016, 03:32 PM IST
During FY 2015-16, more than 2.10 crore refunds amounting to Rs1,22,425 crore were paid compared to Rs1,12,188 crore in the FY 2014-15
New Delhi: The Income Tax department has issued 2.10 crore refunds totalling over ₹ 1.22 lakh crore in 2015-16, which saw 94% of the returns being filed online.
“During FY 2015-16, more than 2.10 crore refunds amounting to ₹ 1,22,425 crore were paid compared to ₹ 1,12,188 crore in the Financial Year 2014-15 and ₹ 89,664 crore in the financial year 2013-14," a finance ministry statement said.
In 2015-16, more than 94% of income tax returns were filed online and 4.14 crore returns were processed by the central processing centre (CPC), Bengaluru, without any human intervention.
Both the Central Board of Director Taxes (CBDT) and Central Board of Excise and Customs (CBEC) are making optimum use of technology for expeditious disposal of assessment and refunds as well as for addressing the issues relating to custom clearance and facilitating trade among others, it said.
As regards to indirect tax collections in the last fiscal, the indirect tax to gross domestic product (GDP) ratio is about 5.17% as compared to 4.36% for FY 2014-15.
Indirect tax to GDP ratio for the current Financial Year 2016-17 is estimated to be 5.20%, the ministry said.
E-payment of Central Excise and Service Tax refunds and rebates through real time gross settlement (RTGS)/ national electronic funds transfer (NEFT) has been implemented and 80% of the refund amount is granted within 5 days for service exporters.
Single Window Interface for Facilitating Trade (SWIFT) acts as a single point interface for over 50 offices of six government agencies for clearance of Exim goods and reduces documentation and costs, thereby benefitting over 97% of India’s imports, the ministry added.