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Year Ender 2024: Speedy processing of returns to amendments in GST
The Statesman
|December 26, 2024
The year 2024 saw the Central Board of Direct Taxes (CBDT) prioritising the speedy processing of returns and refunds, with over Rs 2.35 lakh crore refunded and more than 3.87 crore Income Tax Returns (ITRs) processed within 7 days.
Innovations like TIN 2.0, pre-filling of ITRs, and updated returns continued to streamline processes, resulting in 47.52 lakh updated returns filed, Ministry of Finance said.
Refunds amounting to about Rs 3.08 lakh crore were issued between 1st April, 2024 and 27th November, 2024 which is about 46.31 per cent higher than refunds during the same period in the preceding year. CBDT also achieved a milestone in terms of ITR filing as 8.50 crore ITRs were filed till 22 November, 2024 which is 7.32 per cent higher than ITRs filed for the corresponding period of the preceding year.
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