I-T Refunds Up 474% Since 2013, Issuance Time Drops

INCOME TAX REFUNDS have jumped 474% in the last 11 years to ₹4.77 lakh crore in 2024-25, significantly outpacing the 274% growth in gross tax collections, sources said on Sunday.

- PRESS TRUST OF INDIA

Also, there has been an 81% decrease in the number of days it takes to issue income tax refunds, decreasing from 93 days in 2013 to just 17 days in 2024.

As of 2013-14, the last year of the UPA rule, refunds issued by the Income Tax department were at ₹83,008 crore. Whereas, at the end of 2024-25, the 11th year of the ongoing NDA rule, I-T refunds stood at ₹4.77 lakh crore, showing a 474% growth during the period.

Gross direct tax collection grew 274% to ₹27.03 lakh crore as of 2024-25, from ₹7.22 lakh crore as of 2013-14.