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(Photo: Mint)
(Photo: Mint)

IT Dept issues refunds to the tune of 1.27 trillion this year

Upto 27 Oct, refunds have been issued to over 3.9 million taxpayers, says finance secretary Ajay Bhushan Pandey

New Delhi: The Income Tax Department has issued 1.27 trillion in tax refunds to individuals and businesses so far this fiscal in a fully automated way, finance secretary Ajay Bhushan Pandey said in a statement.

Upto 27 October, refunds have been issued to over 3.9 million taxpayers. Out of them, over 3.72 million individual tax payers were issued 34,532 crore while in over 1.9 lakh corporate tax cases, 92,376 crore has been issued, Pandey said in the statement.

Amid pandemic, ax collection has been sluggish so far this year with corporate tax receipts in the first six months showing a 40% reduction to 1.5 trillion from the year ago period. Personal income tax collection in the same time has reported a 22% decline to 1.66 trillion, data from the Controller General of Accounts (CGA) said.

The tax department has now fully automated its system of issuing refunds directly going into the bank accounts of the taxpayers without any manual interface or intervention, the statement said. This, Pandey said, is being monitored on a weekly basis. “This helps us build trust between the taxpayers and the I-T department besides facilitating liquidity to the taxpayers," said the finance secretary.

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