Tax refunds to be processed within 24 hours, says Piyush Goyal

On account of demonetisation, in 2017-18, direct tax collection grew by 18 per cent and tax base increased by as many as 1.06 crore people filing income tax returns, he said.

Union Minister of Finance Piyush Goyal has said that income tax refunds will be processed within 24 hours and released immediately. "Within the next two years, the assessment of all tax returns should be done electronically without any personal interface," he said during Budget speech for fiscal 2019-20.
 
Goyal, who also heads Ministry of Coal, Ministry of Railways and Ministry of Corporate Affairs, said that the direct tax collections grew from Rs 6.38 lakh crore in 2013-14 to about Rs 12 lakh crore. 
 
On account of demonetisation, in 2017-18, direct tax collection grew by 18 per cent and tax base increased by as many as 1.06 crore people filing income tax returns, he said.
 
The minister said anti-black money measures taken by the government during the last four and half years in the form of black money law, the Fugitive Criminal Offenders Act, and demonetisation have brought undisclosed income of about Rs 1,30,000 crore under the tax. 
 
These measures have also led to seizure and attachment of assets worth approximately Rs 50,000 crore, and compelled holders of large cash currency to disclose their source of earnings.
 
“Our Government is committed to eliminating the ills of black money from our country,” said the minister.
 
During this period, Benami assets worth  Rs 6,900 crore and foreign assets worth Rs 1,600 crore have been attached. As many as 3,38,000 shell companies have been detected and de-registered, and their directors disqualified.

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