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I-T Refunds Worth Rs. 1.22 L cr Issued in FY16, Says Govt

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The Income Tax department has issued 2.10 crore refunds totalling over Rs. 1.22 lakh crore in 2015-16, which saw 94% 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 Rs. 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 indirect tax collections last fiscal, the indirect tax to 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 RTEGSNEFT has been implemented.
Economic  Times  New Delhi, 07 May 2016

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