In a measure that is expected to provide relief to the taxpayers, the government on Wednesday decided to release all pending income tax refunds up to Rs 5 lakh immediately.
In a press note released by the finance ministry, the government said that the move will benefit as many as 14 lakh taxpayers.
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#StaySafepic.twitter.com/sF0cU8WyA1
— Income Tax India (@IncomeTaxIndia) April 8, 2020
Besides, all pending GST and custom refunds will also be released benefiting close to 1 lakh businesses, the note stated. The total refund amount will be to the tune of Rs 18,000 crore, finance ministry said.