In a striking display of fiscal strength, the government’s coffers have received a substantial boost with a remarkable 15.73% surge in direct tax collection, reaching a total of ₹6.53 lakh crore as of August 10 in the current financial year.
The Central Board of Direct Taxes (CBDT) divulged these impressive figures in a statement released on August 11.
The statement highlighted that after the issuance of ‘refunds’, the net direct tax collection stands at an impressive ₹5.84 lakh crore, marking a noteworthy 17.33% increase compared to the same period last year.
The CBDT elaborated on this encouraging trend, stating, “The provisional figure of direct tax collection till August 10, 2023, reflects a substantial increase in tax collection.”
This substantial tax collection represents 32.03% of the direct tax collection budget estimate for the financial year 2024, underscoring a positive trajectory for revenue generation.
Refund Issuance Soars: A Boon for Taxpayers
Further adding to the positive picture, the CBDT announced that refunds worth ₹69,000 crore have been disbursed until August 10 in the ongoing fiscal year.
This noteworthy figure represents a 3.73% increase compared to the corresponding period in the preceding year, offering a welcome relief to taxpayers.
Streamlined Processing Enhances Efficiency
The Income Tax Department’s website reveals that a remarkable 61% of Income Tax Returns (ITRs) have already been processed.
This milestone translates to the issuance of intimation and refund information to eligible taxpayers through SMS notifications.
Leveraging modern technology, the tax department has expedited the processing of income tax returns in the fiscal year 2022-23, resulting in a significantly reduced average refund processing time of just 16 days, down from the conventional 20-45 days.
Tracking Your Refund Status Made Simple
Taxpayers can conveniently monitor their refund status by following these steps:
- Visit the Income Tax India website.
- Log in using your PAN number as the user ID, along with the password and captcha code.
- Navigate to the return form and select the ‘Income Tax Return’ option from the drop-down menu under ‘Choose One.’
- Enter the assessment year and submit the details.
- Click on the acknowledgment number of the ITR to access your refund status.
This surge in direct tax collection coupled with expedited refund issuance reflects the government’s commitment to efficient fiscal management and taxpayer convenience.