New Delhi (NVI): The Government today decided to issue all pending income-tax refunds up to Rs 5 lakh with immediate effect in an effort to provide relief to the taxpayers amid the outbreak of deadly coronavirus.
This will also include the GST and Custom refunds.
“In the context of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, it has been decided to issue all the pending income-tax refunds up to Rs 5 lakh, immediately,” the Ministry of Finance said in a statement today.
In context of COVID-19 situation & to grant immediate relief to taxpayers, GOI has decided to issue all pending income-tax refunds upto Rs.5 lakh & GST/Custom refunds with immediate effect.@nsitharaman @nsitharamanoffc @Anurag_Office @FinMinIndia @PIB_India @cbic_india #StaySafe pic.twitter.com/sF0cU8WyA1
— Income Tax India (@IncomeTaxIndia) April 8, 2020
The Revenue Department further added that the move would benefit around 14 lakh taxpayers.
“It has also been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including MSME. Thus the total refund granted will be approximately Rs 18,000 crore,” read the ministry statement.
