The report, presented to Finance Minister Nirmala Sitharaman, surveyed 3,531 respondents, of whom 56.4 per cent were individuals and 43.6 per cent represented firms and enterprises, in October 2023.
R Dinesh, CII President, praised the government’s strides in streamlining and automating taxation, citing these efforts as the catalysts behind the overwhelmingly positive survey results. Notably, during 2018-23, 89 per cent of individuals and 88 per cent of firms reported a substantial reduction in waiting time for income tax refunds.
Furthermore, over 90 per cent of respondents from both groups confirmed automatic generation of ITR refunds post-filing. Nearly 75.5 per cent of individuals and 22.4 per cent of firms didn’t overpay TDS, aligning closely with their estimated tax liability.
Additionally, 84 per cent of individuals and 77 per cent of firms reported smooth refund status checks.
Chandrajit Banerjee, CII Director General, lauded the government’s commitment, citing the reduction in waiting times as a testament to the efforts to simplify tax refunds.
Speed is another highlight, with 53 per cent of individual respondents and 45 per cent at the firm level receiving refunds in less than a month. Ultimately, 83 per cent of individual respondents and 85 per cent of firms express heightened trust in the Income Tax Department.