DELHI: You can hope to get your tax refund faster with the government streamlining the process, resulting in an over 20% jump in payments during April-May.
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During April and May 2015, refunds are estimated to have increased to Rs 39,000 crore, compared to around Rs 32,000 crore a year ago, sources said. In number terms, the increase is more impressive with 39 lakh refund cases being cleared during the first two months of this fiscal year, compared to around 20 lakh last year, pointing to a near doubling of the cases.
In fact, the process has become smoother from the last financial year itself as the government issued refunds of Rs 1.12 lakh crore, compared to Rs 89,000 crore in 2013-14 — an increase of around 26%. Overall, 1.35 refunds were issued during 2014-15, which was 31% higher than the 1.03 crore refund cases in the previous financial year. For years, the tax department has been blamed for holding up refunds and many have said that the move was meant to show a healthier financial picture. In fact, even the Comptroller and Auditor General has expressed concern over it and had sought a separate classification in government accounts to bring about transparency.
Often officials in tax department, both income tax and indirect taxes, ask companies to deposit higher taxes towards the end of the financial year to shore up collections and show healthier finances. These are then refunded during the next financial year. This practice, which was said to be rampant earlier, had come in for criticism.
Government officials said the pick up is also due to streamlining of processes, which includes direct transfers to bank accounts for refunds up to Rs 50,000.
www.sevagiri.com
During April and May 2015, refunds are estimated to have increased to Rs 39,000 crore, compared to around Rs 32,000 crore a year ago, sources said. In number terms, the increase is more impressive with 39 lakh refund cases being cleared during the first two months of this fiscal year, compared to around 20 lakh last year, pointing to a near doubling of the cases.
In fact, the process has become smoother from the last financial year itself as the government issued refunds of Rs 1.12 lakh crore, compared to Rs 89,000 crore in 2013-14 — an increase of around 26%. Overall, 1.35 refunds were issued during 2014-15, which was 31% higher than the 1.03 crore refund cases in the previous financial year. For years, the tax department has been blamed for holding up refunds and many have said that the move was meant to show a healthier financial picture. In fact, even the Comptroller and Auditor General has expressed concern over it and had sought a separate classification in government accounts to bring about transparency.
Often officials in tax department, both income tax and indirect taxes, ask companies to deposit higher taxes towards the end of the financial year to shore up collections and show healthier finances. These are then refunded during the next financial year. This practice, which was said to be rampant earlier, had come in for criticism.
Government officials said the pick up is also due to streamlining of processes, which includes direct transfers to bank accounts for refunds up to Rs 50,000.
Source - TOI
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