The Income Tax Department on Wednesday said due to the coronavirus (Covid-19) situation in the country and to grant immediate relief to taxpayers, the government has decided to issue all pending income-tax refunds upto ₹5 lakh and GST/Custom refunds with immediate effect.
The government will also issue pending GST and customs refunds of ₹18,000 crore to provide relief to business entities, the tax department added.
“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”, said Income Tax Department.
All GST and custom refunds also to be released. The move will not only benefit around 14 lakh taxpayers but will also provide benefit to around 1 lakh business entities including MSMEs.
The total refund granted will be approximately ₹18,000 crore.