All pending IT refunds up to Rs 5 lakh to be released immediately
New Delhi, Apr 09: The Income Tax Department said that it will release all pending income tax refunds up to Rs 5 lakh immediately. This will benefit 14 lakh taxpayers.
The government will also issue pending GST and customs refunds of Rs 18,000 crore to provide relief to the business entities. The Department of Revenue said that all GST and custom refunds will also be released. This will provide relief to 1 lakh business entities including the MSMEs.
The decision was taken owing to the COVID-19 situation. This is also aimed at providing immediate relief to the business entities and individuals, a statement from the department said.