The Ministry of Finance has reported a historic improvement in the tax refund process for the fiscal year 2024-25. The ministry stated that between April 1 and November 27 of this financial year, a total of ₹3.08 lakh crore in tax refunds were issued, marking a 46.31% increase compared to the same period in the previous fiscal year.
In the previous year, between April 1, 2023, and November 30, 2023, refunds amounting to ₹2.03 lakh crore were issued. This unprecedented growth reflects the technical improvements and policy efforts made by the ministry. The TIN 2.0 platform has been a key factor in this process, facilitating the successful processing of over 3 crore refunds. This technical platform has minimized errors, with the error rate remaining as low as 0.002%.
The ministry also noted that the Income Tax Return (ITR) portal has performed better this year. As of November 22, 2024, a total of 8.50 crore ITRs had been filed for the assessment year 2024-25, marking a 7.32% increase over the same period last year. A new record was set on July 31, 2024, when 69.93 lakh returns were filed in a single day. On this day, the portal demonstrated the ability to handle over 900 filings per second.
The faster refund process has provided relief to individual taxpayers and businesses, as well as improved economic activities and compliance. The ministry also mentioned that continuous technical and procedural improvements would be made to offer a more convenient experience for taxpayers.
The government’s goal is to simplify tax processes further in the coming years and provide better services to taxpayers. This initiative by the Ministry of Finance is proving to be a significant relief for taxpayers and is giving a new momentum to the country’s economic development. The government has promised to make these reforms even more effective in the future, strengthening taxpayer confidence in the country.
