IT department issues ₹1.46 trillion in refunds till November end
- The department has been relying on use of technology to reduce cost of tax collection and to profile assessees for non-intrusive ways of tax evasion
- Refunds have also become quicker this year
The Income Tax department has scaled up issue of refunds to boost tax payer confidence, giving ₹1.46 trillion till 28 November, about 23% more than the refunds issued in the same period a year ago, said a government official.
The department’s facility in Bangalore that manages tax return filings has processed 21 million refund claims for the current assessment year, by November end, an improvement of 20%, said the official. In the same time a year ago, it had processed 17.5 million.
Refunds have also become quicker this year. Of the 21 million refund claims processed, 68% have been issued within a month of e-verification of the return form this assessment year, compared to 57% in the same period a year ago, said the official, who spoke on condition of anonymity. There is also a 20% improvement in the total returns processed so far this year, from the year ago period, the official said quoting an internal analysis of the department’s performance.
The department has been relying on use of technology to reduce cost of tax collection and to profile assessees for non-intrusive ways of tax evasion. But the need for tax payer approach has recently become high priority for officials after finance minister Nirmala Sitharaman emphasized that even if tax collection growth is sluggish, officials’ engagement with tax payers should not in any way give the impression of harassment.
Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
MoreLess
First Published:3 Dec 2019, 09:14 PM IST
- Top Gainers
- Top Losers
- 52 Week High