Quick Summary
Government of India Ministry of Finance Department of Revenue New Delhi, the 08th April, 2020 In the context of the COVID-19 situation and 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 Rs. 5 lakh, immediately. This benefit around 14 lakh taxpayers. It has also been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities. including
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FAQ :
The government is issuing pending refunds to provide immediate financial relief to individuals and businesses impacted by the COVID-19 situation.
All pending income tax refunds up to ₹5 lakh will be issued immediately.
Approximately 14 lakh taxpayers are expected to benefit from the issuance of pending income tax refunds.
Yes, all pending GST and Customs refunds are also being issued.
Around 1 lakh business entities, including MSMEs, will benefit from the issuance of pending GST and Customs refunds.
The total value of the refunds to be granted is approximately ₹18,000 crore.
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