Home / Economy / Income tax refunds quicker now: President Murmu

New Delhi: President Droupadi Murmu on Tuesday said that income tax refunds by the tax department has become quick and the government of the day appreciates the honest, giving a broad overview of the government’s tax policy and administration.

The president’s address in the Parliament at the beginning of the Budget session is significant as it articulates the policy priorities of the government. Union finance minister Nirmala Sitharaman will on Wednesday present the budget for FY24, the last full budget before the next general elections.

“Earlier, one had to wait for a long time for income tax refunds. Now, one gets tax refunds within a few days of filing the income tax return (ITR.) Today, GST has ensured transparency and dignity of the taxpayer," the president said.

President Murmu, in her first address to the joint sitting of Parliament, also said that the government believes corruption is the biggest enemy of democracy and social justice. Therefore, the fight against corruption has been going on for years. “We have made sure that the honest are appreciated in the system," she said in her address.

As per official data, the tax department issued 2.40 trillion in tax refunds between 1 April 2022 and 10 January 2023, an improvement of 58.74% year-on-year.

In the current assessment year, the department did not extend the 31 July due date for individuals to file their tax returns but gave a week’s extra time for entities that needed to get their books of accounts audited.

GST introduced in 2017 has scaled up transparency in the indirect tax system and has helped widen the tax base.

Gireesh Chandra Prasad
Gireesh has over 22 years of experience in business journalism covering diverse aspects of the economy, including finance, taxation, energy, aviation, corporate and bankruptcy laws, accounting and auditing.
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