AGENCIES, New Delhi: The I-T department will release all pending income tax refunds upto Rs 5 lakh immediately to help ease COVID-19 burden. The move will benefit around 14 lakh taxpayers across the country.
The I-T department will also release all GST and custom refunds to around 1 lakh business entities, including micro, small and medium enterprises.
“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,” an official statement said.
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
“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,” it said.
The Finance Ministry is also planning a stimulus package of more than Rs 2 lakh crore for giving a fillip to the economy. Small businesses, MSMEs and the aviation sector will get a major chunk of this stimulus package.