The Income Tax department has said that it will immediately issue refunds which are pending up to Rs 5 lakh.
This release of refunds will benefit around 14 lakh taxpayers.
Further, the Government will also issue pending GST returns & custom refunds of Rs 18,000 crore which will provide relief to businesses across India.
In the official statement, the department said, “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. This would benefit around 14 lakh taxpayers.”
The statement further added, “It has 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” The pandemic has resulted in 150 deaths in India and over 5000 positive cases. As the opening of lockdown awaits till post 14th April, few hotspot areas might not open up to prevent the spread of the virus.
