Income Tax Department To Release All Pending IT Refunds Up To Rs. 5 Lakhs Immediately; All GST & Custom Refunds Also To Be Released [Read Press Note]
The Central Government has decided to issue all the pending income-tax refunds up to Rs. 5 lakh immediately, with a view to provide immediate relief to the business entities and individuals amid the lockdown. The move will benefit around 14 lakh taxpayers. It has also been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh...
The Central Government has decided to issue all the pending income-tax refunds up to Rs. 5 lakh immediately, with a view to provide immediate relief to the business entities and individuals amid the lockdown.
The move will benefit around 14 lakh taxpayers.
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.
A notification intimating the same was issued by the Revenue Department of the Union Finance Ministry today.
Income Tax Department to release all pending Income Tax refunds up to Rs. 5 lakhs immediately.
— Ministry of Finance 🇮🇳 #StayHome #StaySafe (@FinMinIndia) April 8, 2020
All GST & Custom refunds also to be released.#IndiaFightsCorona
For more details: https://t.co/oQhai2nNAy pic.twitter.com/rj6cOlfNhi
This is amongst the many relaxations announced by the Union Finance Ministry in view of the lockdown. Earlier, Finance MInister Nirmala Sitharaman had announced complete waiver of minimum balance charges for savings bank accounts for next three months and also waiver of charges on ATM withdrawal.
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