On May 22, Central Board of Direct Taxes (CBDT) claimed that Rs.26,242 crore of Tax refund has been issued since April to the Tax Payers. About 16.84 lakh taxpayers have been benefitted from the initiative of expediting of the tax refund process. These funds were issued between a period April, 1 to May 21.
The initiative has been taken in a bid to provide taxpayers relief from the fallout of the Covid-19 Pandemic which primarily includes its repercussion on the economy. Giving the details, CBDT told that about Rs.11, 610 crores of Corporate Refund have been issued to 1,02,392 Corporate Taxpayers to provide the liquidity support which will help them deal with the impact of Pandemic and lockdown on their business. Similarly to help Income Taxpayers, Rs.14,632 crore has been credited to 15,81,906 assesses through Income Tax refunds. In a period of a week before May 16, Rs. 2,050.61 crore was refunded to 37,531 Income Taxpayers and Rs.867.62 crore to Corporate Taxpayers.
During a period between May 17 and May 21, Rs 2,672.97 crore was refunded to 1,22,764 assesses. Corporate Taxpayers such as MSMEs (Micro and Medium Enterprises), trusts, partnerships and proprietorships were refunded Rs.6714.34 crore which benefitted 33,774 Corporate Taxpayers.
While talking about Tax refunds, FM Nirmala Sitharaman, last week had said that the government is not delaying tax refund process. She said, ” We are not sitting over it. I am giving it to you now because money is required now and it should reach now. I didn’t mention even then. Tax refund money has not gone into our calculation in claiming what we are giving as a stimulus” while making several announcements from ’20 lakh crore worth of Relief Package’ of PM Modi.