Financial

Tax refunds up by 46.31% to Rs 3.08 lakh crore in April-Nov 24: Finance Ministry

  • by Psu Connect
  • Date: 13-12-24

In the financial year 2024-25, refunds amounting to Rs 3.08 lakh crore were issued, significantly higher than the Rs 2.03 lakh crore issued during the same period in 2023.

Tax refunds up by 46.31% to Rs 3.08 lakh crore in April-Nov 24: Finance Ministry
Tax refunds up by 46.31% to Rs 3.08 lakh crore in April-Nov 24: Finance Ministry

The Finance Ministry announced that tax refunds between April 1 and November 27, 2024, surged by 46.31% compared to the same period last year. In the financial year 2024-25, refunds amounting to Rs 3.08 lakh crore were issued, significantly higher than the Rs 2.03 lakh crore issued during the same period in 2023.

“The Income Tax Return (ITR) portal managed high traffic efficiently this year, processing over 900 filings per second at peak times. A record 69.93 lakh ITRs were filed on a single day, July 31, 2024. By November 22, 8.5 crore ITRs had been filed, reflecting a 7.32% increase from the previous year. In one day alone, over 1.62 crore ITRs were processed for Assessment Year 2024-25,” the Ministry added.

A special initiative was undertaken to address 35 lakh failed refund cases from various assessment years, ensuring refunds were processed for validated bank accounts. This step not only expedited the issuance of pending refunds but also streamlined the overall process.

In the corresponding period last year between 1st April 2023 and 30 November 2023, refunds totaling Rs 2.03 lakh crore were issued, reflecting the ministry’s concerted efforts to expedite the process this year. The Central Board of Direct Taxes (CBDT) played a crucial role in achieving this milestone.

Join PSU Connect on WhatsApp now for quick updates! Click here

Read Also : GRSE Wins Prestigious CII Industry-Academia Awards 2024

Last year the ministry said that the introduction and enablement of the TIN 2.0 platform have been a game-changer in achieving these results. Over 3 crore refunds were credited using TIN 2.0, with an impressively low error rate of just 0.002%. The significant rise of refunds is expected to provide relief to individual taxpayers and businesses alike, contributing to overall economic activity and compliance.

Read Also : Government Issues LoA to Selected Applicants under Categories I & III of the Financial Incentive Scheme for Coal Gasification

News Must Read