News From Press Are taxpayers unwittingly giving an interest-free loan to the government?

Are taxpayers unwittingly giving an interest-free loan to the government?

Source: Mint Apr 20, 2023

A bonanza for the government: Recent news reports highlight a significant surge in tax collections for fiscal 2023. Data illustrating the distribution of these collections from 2000-01 through 2021-22 reveals noteworthy trends. Interestingly, while gross tax collections grew by about 20% in the past year, tax refunds soared by 59% for the same time period, with net tax collections increasing by about 16%.

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