The Income Tax department has issued refunds of over Rs 1.14 lakh crore to more than 1.97 crore taxpayers between April 1 to August 31.
It said on Saturday that The Central Board of Direct Taxes (CBDT) that income tax refunds of Rs 61,252 crore have been issued in 1,96,00,998 cases and corporate tax refunds of Rs 53,158 crore have been issued in 1,46,871 cases.
“CBDT issues refunds of over Rs 1.14 lakh crore to more than 1.97 crore taxpayers between April 1, 2022, to August 31, 2022. Income tax refunds of Rs 61,252 crore have been issued in 1,96,00,998 cases and corporate tax refunds of Rs 53,158 crore have been issued in 1,46,871 cases,” the CBDT said.
Recently, the Income Tax Department said that tax collections from corporates soared 34 per cent in the first four months of the fiscal over that in the equivalent period in 2021-22, indicating that the “simplified tax regime with low rates and no exemptions” has lived up to its promise.
It said that the corporate tax collections during April and July period stood at Rs 7.23 lakh crore, registering a growth of over 58 per cent as compared to the tax collection of FY 2020-21.
In August CBDT chairman Nitin Gupta said that this year saw a growth of 38% in tax collection compared to the previous year.
Similarly, Tax refunds of Rs 93,000 crore were released increasing from Rs 52,000 crore last year.
Appreciating the measures the taken by the government to increase the tax he said the current trend of direct tax collection is encouraging and a target of Rs 14. 20 lakh crore has been set for this year’s collection.
Faceless schemes and hassle-free tax regimes are the two major reasons for the increase in Direct tax collection, he added.
(with inputs from IANS)