Covid-19: Pending I-T refunds up to ₹5 lakh to be released, to benefit 14 lakh taxpayers
All pending income tax refunds up to ₹5 lakh will be released immediately in view of the coronavirus pandemic, the Ministry of Finance has said. This will benefit around 14 lakh taxpayers. All pending GST and Custom refunds will also be released, benefitting around 1 lakh business entities.
Pending I-T refunds up to ₹5 lakh to be released
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.
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