The Income Tax Department has said that it has issued refunds worth over Rs 1.14 lakh crore to more than 1.97 crore taxpayers in the first five months of this fiscal year that started April 1, 2022.
“Income tax refunds of Rs. 61,252 crore have been issued in 1,96,00,998 cases & corporate tax refunds of Rs. 53,158 crore have been issued in 1,46,871 cases,” the Income Tax Department tweeted.
Read More: Income tax return: Smart ways to get the best out of your ITR
On the GST collection front, the gross revenue collected in the month of August 2022 was Rs 1,43,612 crore, down from Rs 1,48,995 crore last month. The revenue for August 2022 was 28 per cent higher than what was collected in the same month last year – Rs 1,12,020 crore.
During the month, revenues from import of goods was 57 per cent higher and the revenues from domestic transactions (including import of services) are 19 per cent higher than the revenues from these sources during the same month last year.
Of the total GST amount collected, CGST is Rs 24,710 crore, SGST is Rs 30,951 crore, IGST is Rs 77,782 crore (including Rs 42,067 crore collected on import of goods) and cess is Rs 10,168 crore (including Rs 1,018 crore collected on import of goods).
Read More: Excess TDS deduction: Here are ways to lower your tax liability
For six months in a row, the monthly GST revenues have been more than Rs 1.4 lakh crore. The highest-ever collection was reported in April 2022 at Rs 1.68 lakh crore.
“The growth in GST revenue till August 2022 over the same period last year is 33 per cent, continuing to display very high buoyancy. This is a clear impact of various measures taken by the Council in the past to ensure better compliance,” the Finance Ministry said in a statement.
