Government issued refunds of Rs. 72,000 crores in 2010-11

The Income Tax department has improved its tax refund rate and Rs 72,000 crore have been refunded to tax payers in the fiscal year 2009-10 against Rs 57,000 in the previous financial year. The tax collection has gone up rapidly and this fiscal which ended on March 31, 2011 to the tune of Rs 4.50 lakh crores against a target of Rs 4.46 lakh crores which was revised from Rs 4.30 lakh crores.