Business & Economy

Govt to release income tax, GST, Customs refunds

Total refunds of about Rs 18,000 crore to help individuals, businesses during COVID crisis

NetIndian News Network

New Delhi, April 8, 2020

The Income Tax Department has decided to issue all the pending income tax refunds up to Rs 5 lakh immediately to provide relief to business entities and individuals in view of the COVID-19 crisis.

The decision will benefit around 14 lakh taxpayers, an official press release from the Ministry of Finance said.

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, the release added.