Rojoice! You’ll get your tax refunds faster this year

One can expect to get their tax refunds faster now that the government has streamlined the process.

Processes like direct transfers to bank accounts for refunds up to Rs 50,000 have caused over 20% hike in payments during April-May. Returns for April and May have approximately risen from Rs. 32,000 Crores last year to Rs. 39,000 Crores this year.

That’s not all. The number of refund cases has nearly doubled from20 lakhs last year to 39 lakhs this year for the first two months of this fiscal year.

The process has also turned sleek. Refunds of over Rs. 1.12 lakh Crore are issued this year as opposed to Rs. 89,000 Crore in 2013-14. That is a whopping 26% increase.

Indian tax authorities have been blamed for years for holding up refunds. Many alleged that was to paint a rosier picture of the economic scenario. Now they can heave a sigh of relief.

(Image credit: Indiatimes)