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IT Dept Refunds Record Rs. 70 Billion in FY19 First Quarter
July 20, 2018
Officiating Finance Minister Piyush Goyal said that the Income Tax department has issued record refunds of Rs. 70 billion in the first quarter of FY19. It’s 26% higher than last year’s Rs. 555 billion that were issued during the same period i.e. Q1 of FY18.
The ministry’s decision to increase the threshold for tax disputes will also greatly benefit the SMEs and result in a 66% reduction in cases under litigation. The new limit has been set to Rs. 2 million for appeals in tribunals, Rs. 5 million for High Courts, and Rs. 10 million for the Supreme Court.
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