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The Income Tax Department has issued as much as ₹1.57 lakh crore of income tax refunds in the first eight-and-a-half-months of the current fiscal compared to ₹1.23 lakh crore in full 2018-19 fiscal, Revenue Secretary Ajay Bhushan Pandey said Friday.
At a press conference called to disclose impact of steps taken to boost consumption in the economy so as to uplift growth from a six-year low, Pandey said tax refund cases have gone up by 17 per cent to 2.16 crore.
In money terms, the income tax refunds have gone up by 27.2 per cent.
Also, Integrated-GST refund of ₹38,988 crore has been released so far this fiscal as compared to ₹56,057 crore in full 2018-19 financial year, he said.
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