Union Budget 2019

Ease Of Tax Filing | "All I-T Returns To Be Processed In 24 Hours, Refunds Issued Simultaneously" Announces Piyush Goyal In Budget 2019 Speech

Written By Apoorva Rao | Mumbai | Published:

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  • Making an announcement that will further make the task of filing I-T returns and getting refunds easier, interim Finance Minister Piyush Goyal announced on Friday that all I-T returns will be processed in 24 hours and refunds issued simultaneously.
  • He had another announcement which will ease the process of filing returns
  • In the next two years, verification and assessment of I-T returns selected for scrutiny to be electronic and anonymized

Making an announcement that will further make the task of filing I-T returns and getting refunds easier, interim Finance Minister Piyush Goyal announced on Friday that all I-T returns will be processed in 24 hours and refunds issued simultaneously.

He had another announcement which will ease the process of filing returns.

"Within the next two years all verification and assessment of I-T returns selected for scrutiny will be done electronically through anonymized tax system with a backofice manned by tax officers without, any personal interface between tax officer and tax payers," Goyal said. 

He also spoke about GST

  • GST is probably the biggest taxation reform implemented since Independence; with tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving Ease of Doing Business
  • GST collections in January 2019 has crossed Rs 1 lakh crore
  • GST has been continuously reduced resulting in relief of Rs 80,000 crore rupees to the consumers; Most items of daily use are now in the 0%-5% tax bracket
  • The Group of Ministers is examining how prospective house buyers can benefit under Goods & Services Tax (GST)
  • GST collections in January 2019 has crossed Rs 1 lakh crore

He spoke about rise in direct tax collections. 

"18% increase in direct tax collections in 2017-18, 1.06 crore people included in the tax base. Also, more than 1 crore people filed I-T returns for the first time. Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore," Goyal said.

In a massive boost to the farming and agricultural sector, Goyal, during his budget speech, announced that the farmers who own up to two hectares of land will be directly provided with an income of Rs 6000 every year.

The government has come up with a Pradhan Mantri Kisan Sammaan Nidhi scheme which will aim to provide the small sized farmers with a 'structured, direct income support' so that they don't fall into the clutches of the money lenders.

"All those vulnerable and small farmers, who have less than two hectares of land, the government has decided that they will be provided income support of Rs 6000 per year," Piyush Goyal said.

READ | MASSIVE: 'Farmers With Up To Two Hectares Of Land To Be Given Rs 6000 Per Year Income Support' - Piyush Goyal Announces 'Pradhan Mantri Kisan Sammaan Nidhi' In Budget 2019

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