The Income Tax department on Wednesday (April 8) said it will immediately issue pending refunds up to ₹5 lakh, benefitting around 14 lakh taxpayers.
The government will also issue pending GST and customs refunds of ₹18,000 crore to provide relief to business entities.
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 ₹5 lakh, immediately. This would benefit around 14 lakh taxpayers, an official statement said.
It has 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 ₹18,000 crore, it added.
There have been about 150 deaths in India due to COVID-19 pandemic and over 5,000 positive cases.