LEGAL UPDATES

 NICAI Updates;

1. CBDT, vide press release dated 05.09.2023, notifies that, it is committed to process the Income Tax Returns in a speedy and efficient manner; In a snapshot for AY 2023-24.

2. CBDT updates that out of 6.98 Cr returns filed till date, 6.84 Cr have been verified and more than 6 Cr returns have been processed out of the verified returns, resulting in processing of 88% of the verified returns; CBDT further apprises that more than 2.45 Cr. refunds for AY 2023-24 have been issued;

3. The Department’s efforts to provide seamless and expeditious taxpayer services are being continuously strengthened. In line with the same, average processing time of ITRs (after verification) has been reduced to 10 days for Returns filed for AY 2023-24 compared to 82 days for AY 2019-20 and 16 days for AY 2022- 23. 

4. It is pertinent to state that the Department is not able to process the following categories of ITRs for want of certain information/action on the part of taxpayers: 

(a) There are about 14 lakh ITRs for AY 2023-24 which have been filed but are yet to be verified by the taxpayers as on 04.09.2023.

Failure to verify the Returns causes delays in processing as the Return can only be taken up for processing once the verification has been completed by the taxpayer. Taxpayers are urged to complete the verification process immediately. 

(b) There are about 12 lakh verified ITRs in which further information has been sought by the Department, for which requisite communication has been sent to the taxpayers through their registered e-filing accounts. Taxpayers are requested to respond to such communication expeditiously. 

5. There are several cases in which the ITRs have been processed and refunds have also been determined but the Department is unable to issue them as taxpayers have not yet validated their bank account in which the refund is to be credited. Taxpayers are requested to validate their bank accounts through the e-filing portal. 

The Department remains committed to speedy processing and expeditious issue of refunds and solicits the cooperation of the taxpayers.

6. The Ministry of Finance had issued a Press release dated September 1st, 2023, regarding gross GST revenue. in the month of August, 2023 is ₹1,59,069 crore of which, CGST is ₹28,328 crore, SGST is ₹35,794 crore, IGST is ₹83,251 crore (including ₹43,550  crore collected on import of goods) and Cess is ₹11,695 crore (including ₹1,016 crore collected on import of goods).

By CA Mr.Raj Chawla.