Rs 57,000 crore tax refunds so far this fiscal, aam aadmi preferred: Chidambaram
Government has so far refunded Rs 57,000 crore tax claims this fiscal and the small income tax payers are getting preference in refunds, Finance Minister P Chidambaram said today.
The Central Board of Direct Taxes (CBDT) has issued directive to prioritise low value refunds, he told reporters.
"There is no holding up of any refund claim...The smaller assessee should be priority so that those who have due of Rs 3,000, Rs 4,000, Rs 5,000 should get refund first.
"Smaller tax payer is getting priority in refund.
Somebody who has to get Rs 5 lakh can wait. Somebody who has to get Rs 5,000 should get first," the Minister said.
Last year around this time, he said, the tax refund was Rs 70,000 crore and this year so far it is Rs 57,000 crore.
He said the tax refunds were high in 2011-12 because the Department had decided to clear all arrears cases.
Chidambaram also expressed confidence of meeting the Rs 5.70 lakh crore direct tax collection target for the fiscal.
"I am confident we will meet direct tax collection target. (all those people) whose data we have about their purchases, mutual fund, if everybody pays advance tax then actually we will collect more than the target," he said.
He further said it will be "incorrect" to say that net tax is growing at 15 per cent due of holding back of refund.
"There is no instruction to hold on refund and under automatic system there is no way to hold back refund. No human being can stop it," he said.
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