Income Tax issued a refund of Rs 1.22 lakh crore


New Delhi. The Income Tax Department has issued the refund of Rs 1.22 lakh crore to a total of 2.10 million people in 2015-16. In this, 94 percent returns were filed online.

The Finance Ministry said in a statement, “In the financial year 2015-16, return was issued for more than 2.10 crore in which a total of 1,22,425 crore rupee were returned to the taxpayers. Earlier, 1,12,188 crore in Financial year 2014-15 and 89,664 crore in 2013-14 were refunded.

In fiscal year 2015-16, 94 percent of tax returns were filed online and Central processing unit (CPC) in Bangalore has probed 4.14 returns.

According to the statement, the Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) are not only assessing the returns and returning them, but they are optimizing maximum use of technology in order to facile custom clearance and trade with other related functions.

Indirect Tax collection in the last financial year in respect of indirect tax to GDP ratio was about 5.17 percent, which was 4.36 percent in financial year 2014-15. According to the ministry, Indirect Tax- GDP ratio is estimated to be 5.20 percent in the current financial year.