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Issue all pending income tax refunds up to Rs 5 lakh immediately: Indian Government
Posted on: 08/Apr/2020 7:03:15 PM
As a measure to relieve the home-bound and probably a cash-strapped condition of most citizens, the finance ministry on Wednesday (today, 8th April) ordered the immediate release of income-tax refunds involving amount up to Rs 5 lakh to provide cash in hands to 14 lakh taxpayers who might be facing liquidity crunch due to the nationwide lockdown, an official statement said.
It further said all Goods and Services Tax (GST) and customs refunds will also be released to provide immediate cash in hand to about one lakh business entities, including micro, small and medium enterprises (MSMEs). The government has already granted refunds worth Rs 18,000 Crores
The statement said, In the context of the COVID-19 situation and with a view to providing 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.
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