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    Revenue department issues Rs 10, 000 crore refunds, more in the pipeline

    economy | IST

    Revenue department issues Rs 10, 000 crore refunds, more in the pipeline

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    In a bid to fast-track stuck and pending refunds the tax department is understood to have released about Rs 10,000 crore of pending refunds till April 14.

    In a bid to fast-track stuck and pending refunds the tax department is understood to have released about Rs 10,000 crore of pending refunds till April 14. This including about Rs 4,250 crore of income tax refunds and about Rs 5,029 crore of input tax credit refund under the Goods and Services Tax regime.
    According to a press statement issued by the Central Board of Direct Taxes (CBDT), “the Income Tax Department has issued over 10.2 lakh refunds worth Rs 4,250 Crore issued by 14th April. IT dept had earlier issued 2.50 crore refunds in FY 19-20 till March 31st, 2020, worth Rs. 1.84 lakh crore.”
    Meanwhile, when CNBC-TV18 checked about the refunds issued by the Central Board of Indirect Taxes and Customs, sources added that “CBIC has issued input tax credit refunds of Rs 5,029 crore.”
    It was on 8th April, when the revenue department had instructed its offices to issue all the pending income-tax refunds up to Rs 5 lakh and all pending GST and custom refunds, which would provide benefit to around 1 lakh business entities, including MSMEs.
    The revenue department had pegged to release Rs 18,000 crore of refunds in a total of both direct and indirect taxes.
    The move is aimed at extending relief in the context of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, across the country.
    The income tax department also added that it aims to issue 1.75 lakh more refunds this week and these are already under process.
    The tax department said that the refunds after being processed get credited directly to the taxpayer bank account in 5-7 business days. Apart from this, the income tax department has also urged the taxpayers to correct their personal details to avoid refunds getting stuck.
    In 1.74 lakh cases, the tax department added that it has sent emails seeking reconciliation details to taxpayers seeking confirmation of the outstanding demand, bank accounts and reconciliation of defect/mismatch prior to the issue of refund.
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