Wednesday, 8 April 2020

All pending refunds under Income Tax,GST & custom to be released by department

Relief under COVID-19 (Coronavirus pandemic)

With a view to provide immediate relief to the business entities and individuals under COVID-19 situation, it has been decided to issue following pending refunds:-

1. All the pending income-tax refunds up to Rs. 5 lakh, immediately. This would benefit around 14 lakh taxpayers.

2.  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.

(Source : Press release dated 8 April 2020)

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