New Delhi, April 8, 2020:
The Government has announced that it will release all the pending income tax refunds upto Rs 5 lakh with immediate effect in a move to benefit around 14 lakh taxpayers.
The Income Tax Department made this announcement amid the lockdown and the situation arising out of the nationwide shutdown following the coronavirus.
The Government will additionally issue the pending Goods & Services Tax (GST) and customs refunds of Rs 18,000 crore to provide relief to various business entities.
“All GST and custom refunds will also be released, which will provide benefit to around 1 lakh business entities, including MSMEs,” said the Department of Revenue under the Ministry of Finance, adding that the total refund granted will be approximately Rs 18,000 crore.
It may be mentioned here that the decision has been taken in the aftermath of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, said a statement from the department.
It has also been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including MSMEs.
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