The Hush Post | 7:37 pm | One-minute read |
For those who are reeling under a cash crunch amidst coronavirus crisis, here is some good news. The Income Tax Department has decided to release all pending income tax refunds up to Rs. 5 lakh immediately. The move will benefit around 14 lakh taxpayers in the country.
The state government will also issue pending GST and customs refunds of Rs 18,000 crore. This will come as a major relief to provide relief to business entities.
“All GST and custom refunds will also be released, which will provide benefit to around 1 lakh business entities, including MSMEs,” the Department of Revenue under the Ministry of Finance said in a statement.
The government has taken this decision in the wake of the coronavirus crisis. The revenue department said it has taken the step with a view to provide immediate relief to the business entities and individuals.
Besides, the department will also issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including MSMEs.