I-T refunds rise 69% at Rs1.14 trn in April-August

Refunds by the income tax department rose 69% on-year to over Rs 1.14 trillion in April-August of the current financial year.

“Income tax refunds of Rs61,252 crore have been issued in 1,96,00,998 cases & corporate tax refunds of Rs53,158 crore have been issued in 1,46,871 cases (in April-August 2022),” the income tax department tweeted.

Also Read: Exports remain flat at USD 33 billion in August; trade deficit widens to 28.68 billion

In April-August 2021, the department had issued refunds of over Rs 67,401 crore.

Despite higher refunds, the net direct tax collections have grown by over 30% on-year in the first five months of the current financial year as against a flat growth required to achieve the annual target for FY23.