Income tax department issues tax refunds worth Rs 1.14 lakh crore so far this financial year

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Income Tax Department issues tax refunds worth Rs 1.14 lakh crore so far this financial year

The Income Tax Department said it issued refunds worth over Rs 1.14 lakh crore to over 1.97 crore taxpayers in the first five months of this financial year which started on April 1, 2022.

“Income tax refunds of Rs. 61,252 crore were issued in 1,96,00,998 cases and corporate tax refunds of Rs. 53,158 crore were issued in 1,46,871 cases,” said tweeted the Income Tax Department.

On the GST collection front, the gross revenue collected in the month of August 2022 was Rs 1,43,612 crore, compared to Rs 1,48,995 crore last month. Revenue for August 2022 was 28% higher than that collected in the same month last year – Rs 1,12,020 crore.

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During the month, income from the import of goods increased by 57% and income from domestic transactions (including the import of services) was 19% higher than income from these sources during the same month. last year.

Out of the total amount of GST collected, CGST is Rs 24,710 crore, SGST is Rs 30,951 crore, IGST is Rs 77,782 crore (including Rs 42,067 crore collected on import of goods ) and the tax is Rs 10,168 crore (including Rs 1,018 crore collected on the importation of goods).

For six consecutive months, monthly GST revenue has been above Rs 1.4 lakh crore. The highest inflow on record was reported in April 2022 at Rs 1.68 lakh crore.

“GST revenue growth through August 2022 compared to the same period last year is 33%, continuing to show very high momentum. This is a clear impact of the various measures taken by the Board in the past to ensure better compliance,” the Department of Finance said in a statement.
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