New Delhi, Business Desk. In view of the Kovid-19 crisis, the Central Government on Wednesday announced a big relief for the income tax payers and small businessmen. The government has decided to immediately release all pending income tax refunds up to five lakh rupees. A press release issued by the Finance Ministry stated that the move would benefit 14 lakh taxpayers. This release states that in addition to the income tax refund, all pending GST and custom refunds will also be released. This will benefit one lakh businessmen. The government will issue a total refund of Rs 18,000 crore.
The Income Tax Department has tweeted that in view of the situation related to Kovid-19, the Government of India has decided to immediately release all pending Income Tax Refunds and GST / Custom Refunds up to Rs 5 lakh, giving immediate relief to 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.
