New Delhi: The Income Tax Department on Wednesday said it will release all pending income tax refunds up to Rs 5 lakh immediately, in a move that will benefit around 14 lakh taxpayers.
The government will also issue pending GST and customs refunds of Rs 18,000 crore to provide relief to business entities.
“All GST and custom refunds will also be released, which will provide benefit to around 1 lakh business entities, including MSMEs,” said the Department of Revenue under the Ministry of Finance, adding the total refund granted will be approximately Rs 18,000 crore.
The decision has been taken in the aftermath of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, said a statement from the department.
It has also been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including MSMEs.
There have been about 150 deaths in India due to COVID-19 pandemic and over 5,000 positive cases.