Income tax department issues record refunds of Rs 700 billion in Q1

The income tax department has issued record refunds of Rs 700 billion in the first quarter of 2018-19, officiating finance minister Piyush Goyal said. 

This was 26 per cent more than the refunds worth Rs 555.2 billion issued in April-June of 2017-18. 

How this would affect tax collections remains to be seen as the figures have not been released. 

The ministry's move to increase the threshold for tax disputes would  lead to a 66 per cent reduction in cases under litigation. However, that would mean reduction in the stuck up amount by only 1.8 per cent.  

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